Currency exchange crisis reaches Qamishlo, raising concerns among traders,  residents

The Central Bank of Syria's decision to withdraw the legal tender status of old Syrian banknotes as of 31 July has sparked widespread discontent in the city of Qamishlo, mirroring concerns across markets in other Syrian governorates. The shortage of newly issued banknotes and the limited number of exchange centres have disrupted commercial activity and day-to-day financial transactions.

The developments come as the currency exchange crisis continues to spread across Syria. Over recent days, ANHA agency has documented similar complaints in several cities, with the effects of the shortage gradually extending to markets in Damascus and other cities, fuelling concerns over the impact of limited cash liquidity on trade and livelihoods.

On Wednesday, Qamishlo joined the cities of Darbasiyah, Hasakah, Dêrik, and Amuda in experiencing market disruption following the implementation of Decision No. 705/H, issued on 29 December 2025, which set out the procedures for exchanging old banknotes for the newly issued currency.

Residents, shop owners, and currency exchange businesses said that the short exchange period, combined with the scarcity of new banknotes, has disrupted buying and selling activities. They called on the authorities to extend the exchange deadline for several years and allow the continued circulation of the old currency until the replacement process is completed, in order to avoid further disruption to the market.

Residents also called for the establishment of exchange centres within the city, instead of limiting the service to the post office in Hasakah, and urged the authorities to provide sufficient quantities of the newly issued banknotes to ensure a smooth exchange process and prevent shortages or hoarding of the new currency.

In this context, Jano Temo, the owner of a currency exchange shop, said the new banknotes are still unavailable in local markets, adding that the shortage has had a negative impact on residents.

He continued, "We are still conducting transactions using the old banknotes, but people are increasingly concerned, and many are reluctant to accept the new currency because it is not available in the market."

Temo added that a number of traders have already stopped accepting certain denominations of the old currency, particularly the SYP 500 and SYP 1,000 banknotes.

In turn, Mowafaq Hamdi, a greengrocer, said that the old SYP 500 banknote has effectively disappeared from circulation, while the new banknotes remain unavailable in the market.

He added, "Where are we supposed to spend these denominations? This has had a major impact on the market. Commercial activity has slowed considerably compared with before, and we no longer know how things will return to normal."

These complaints are consistent with findings documented by ANHA agency in previous reports from several parts of Syria, particularly Hasakah Governorate, which showed that the limited number of exchange centres, delays in the distribution of new banknotes, and the refusal of some businesses and institutions to accept old currency have disrupted buying and selling activities. The situation has prompted residents to call for the establishment of additional exchange centres and an extension of the exchange deadline to ensure the process is completed without further harming economic activity.

Under the current regulations, the deadline for exchanging old Syrian banknotes expires tomorrow (30 July 2026). The old banknotes will cease to be legal tender as of 31 July 2026, further heightening public concern, particularly in areas experiencing shortages of the new currency and limited access to exchange centres.

ANHA