Syria plans to print new banknotes in UAE and Germany, ending Russian role
Syrian officials are in talks with Oumolat, a UAE-based company, to produce the newly designed banknotes. Two Syrian financial sources confirmed to Reuters that the central bank governor and finance minister visited the firm in the UAE earlier this month.
'The discussions with Oumolat are at an advanced stage,' one Syrian source said, speaking on condition of anonymity due to the sensitivity of the issue.
The move marks a break from Russia, which had printed Syrian money throughout the 13-year conflict. Russia took over after European Union sanctions halted Syria's contract with a European printer. Despite the planned shift, Damascus continues to receive Russian financial and material support, including cash, wheat and fuel, as Moscow maintains its military presence in Syria.
One European official told Reuters that two German companies, the state-backed Bundesdruckerei and private firm Giesecke+Devrient, had shown interest in printing Syrian currency. However, a spokesperson for Bundesdruckerei said the company was 'not in talks for a currency-printing deal with the Syrian state,' while Giesecke+Devrient declined to comment.
Officials from the UAE foreign ministry, the German government and Syria's central bank did not respond to requests for comment.
The redesigned notes will no longer feature Bashar al-Assad's image, according to the three sources. A purple note with his portrait is currently still in use.
The currency shift reflects broader changes in Syria's international relationships. On Thursday, Syria signed an $800 million preliminary agreement with the UAE's DP World to develop the port of Tartus. This is the first major foreign deal announced since the United States said earlier this week it would lift sanctions on Syria's economy.
In February, the European Union also suspended some of its financial sanctions on Syria, including measures that had prevented the country from printing currency through European firms.
Syria's economy remains fragile, worsened by a shortage of physical cash. Officials say people are hoarding banknotes, while bankers suggest authorities are limiting circulation to manage the exchange rate. As a result, banks often reject depositors and businesses who try to withdraw money.
The Syrian pound, which traded at 50 per US dollar before the war in 2011, was valued at about 10,000 per dollar on the black market on Friday. That's an improvement from earlier this year, when it was around 15,000.
While the new Syrian leadership is trying to reform the economy and rebuild external relations, its links to Russia remain a point of concern for some European states, especially in light of the war in Ukraine.
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