Syrian Financial Supervision oversees the process of "destroying" the old currency

Within the framework of the plan to modernize the monetary block, the Central Audit Organization of Syria announced that it will take over the tasks of direct supervision of the receiving, sorting, and destruction of old banknotes that have been replaced, and this step comes to ensure that the procedures comply with legal standards and enhance transparency in the management of public funds.

Workflow and Mechanism

The Undersecretary Supervising the Control of the Economic Sector, Mohamed Ghafir, explained that the process is proceeding according to a tight administrative sequence starting from:

Receiving: Collecting old categories from bank branches in various governorates.

Screening and Auditing: Ensuring the integrity of banknotes and their conformity with official regulations in coordination with the Central Bank of Syria.

Destruction: Disposal of old cash mass in dedicated centers and under strict control to prevent any excesses or waste.

Strategic Objectives

According to official sources, these measures aim to achieve several economic goals, most notably:

1.   Liquidity Update: Replacing damaged or old notes with new versions to increase trading efficiency.

2.   Protecting monetary stability: Ensuring the integrity of the financial system and enhancing public confidence in monetary policies.

3.   Controlling transparency: Subject the path of the exchanged currency to strict legal control to ensure that it does not leak or be misused.