السؤال:
How can worn-out currencies be replaced? Are there any fees or commissions involved, and if so, what are they?
الجواب:
Worn-out banknotes can be replaced through the following methods:
1. Directly from the exchange counters at the Central Bank and its branches in the provinces. This option is available only if the worn-out banknotes meet the exchange conditions stipulated in the Basic Monetary Law No. 23 of 2002, which are as follows:
- The area of the presented note for exchange must be more than three-fifths of the area of the original note.
- The note must include both obligatory signatures of the bank in their entirety.
- The note must include a complete serial number.
- The note must contain something that clearly indicates its face value.
CBS does not charge any commission for replacing these banknotes that meet the conditions, except for 500 Syrian Pound notes and higher, issued in 2013 and later. In these cases, a fee of 100 Syrian Pounds is charged directly for replacing each deliberately or recklessly mutilated banknote.
· Basic Monetary Law No. 23 of 2002.
· Decision No. 115 of the Monetary and Credit Council, issued on August 30, 2017.
2. In case banknotes are mutilated due to force majeure (fire, deterioration due to humidity and poor storage, rodent bites, etc.), they can be submitted to the Central Bank of Syria for replacement along with a force majeure statement accompanied by a police report for amounts exceeding 5,000 SYP. For amounts equal to or less than 5,000 SYP, they can be submitted for replacement without a police report.
The bank charges a 10% commission on the amount approved for payment.
