Receiving or sending a money transfer in Damascus now takes between one hour and two and a half hours, whether the transfer is domestic between Syrian governorates or international, as the exchange of the old national currency for the new banknotes gets underway.
Exchange companies began swapping currency on 3 January, prompting heavy crowds that have affected money transfers between citizens.
Ali Suleiman, a public sector employee, had to wait nearly two and a half hours before his turn at al-Fouad Exchange. He said he had to use the company to send money to Latakia Governorate (western Syria) as house rent.
Ali told Enab Baladi that he usually deals with al-Haram Exchange, but the company has currently stopped sending or receiving domestic transfers in Syrian pounds.
As for what happened inside the office, Ali criticized how the old currency is being handled. He said that after he reached the transfer window carrying 5,000-pound notes, equivalent to about 40 US cents, the employee gave him a receipt instructing him to exchange the amount into the new currency at another window, then return to complete the transfer. He added, “These are private companies, and they should be more flexible in dealing with citizens, to reduce the time
He asked, “Can the company not accept the money in the old currency, then hand it over at the other center, the receiving end of the transfer, in the new currency, instead of making each customer move between windows and prolonging waiting times for everyone outside?”
Other citizens Enab Baladi spoke with at noon on Monday, 5 January, said they waited more than an hour before their turn. They voiced frustration at queues stretching along the sidewalks, with no consideration for the weather or for the ages of those waiting, especially elderly people and women.
Enab Baladi was unable to obtain an answer from al-Fouad branches on 29 May Street and at Sabaa Bahrat Square about the mechanisms being used, whether for transfers or for currency exchange. The outlet also tried calling the company’s general administration using phone numbers obtained from the branches, but no one responded.
Regarding al-Haram’s suspension of sending and receiving transfers in Syrian pounds, an employee at one branch told Enab Baladi, speaking on condition of anonymity because he is not authorized to comment, that the halt is linked only to technical reasons, updating systems and software to match Syria’s new currency. He confirmed that transfers in foreign currencies are still ongoing and have not stopped.
Al-Fouad and al-Haram are among the most widespread exchange companies in Syrian cities and governorates, and are among the most used by Syrians for transferring money inside and outside the country.
Crowding outside exchange companies
Crowding has been seen at exchange companies since Saturday afternoon, 3 January, in parallel with the start of exchanging the old Syrian currency for the new one.
The Central Bank of Syria began injecting the new Syrian banknotes on Saturday from its governorate branches to banks and exchange companies, according to what Central Bank Governor Abdulkader Husrieh confirmed.
As the new banknotes reached exchange companies, citizens began arriving in large numbers. This required turn-taking systems that took over the sidewalks in front of offices, and some companies extended working hours beyond 5:00 p.m., the usual closing time.
Workers at exchange companies told Enab Baladi that exchanging currency amid this crowding has created some tension for them, especially as the process is still new and they are not yet used to handling the new numbers. They said this forces them to check amounts multiple times, both what they receive in the old currency and what they hand out in the new currency.
They noted that losing any new banknote could result in a loss for them, especially with the 500 and 200 denominations.
Based on what Enab Baladi observed, the exchange process requires the citizen to present an official identification document before receiving the amount. The document is then photographed, and the details are written on an external paper form specific to the company.
To obtain the six new denominations, the reporter had to deal with three different companies in the vicinity of al-Muhafaza Square in central Damascus, an area where exchange companies are densely concentrated.
Workers said the reason for shortages in certain denominations is that citizens prefer some notes over others, especially smaller denominations.
The new currency delays money transfers in Syria Enab Baladi.
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