Syria to Develop New Currency, Says Minister
Taarek Refaat
Syrian Economy Minister Mohammad Nidal al-Shaar revealed that the new government is currently working on developing a new currency, which is planned to replace the old currency depicting former Syrian President Bashar al-Assad.
He explained that the new Syrian government will not make any hasty decisions in this regard, and that the issue is being dealt with calmly and patiently. He pointed out that liquidity is the main challenge facing the Syrian economy.
The new Syrian government seeks to solve the liquidity crisis by printing the new Syrian currency. It intends to partner with companies in the UAE and Germany instead of Russia.
Even after Bashar al-Assad fled, the new Syrian government maintained relations with Russia and received several shipments of banknotes in recent months along with fuel and wheat shipments.
The new government is in advanced talks regarding a deal to print the new Syrian currency with the Emirati company "Ammalat Security Printing", which the Governor of the Central Bank of Syria and the Minister of Finance recently visited. It is also in talks with the German companies "Bundesdruckerei" and "Giesecke Plus Devrient" to print the new Syrian currency.
The Shape of the New Syrian Currency
According to Syrian sources, the shape of the new Syrian currency will include a redesign to remove the image of former Syrian President Bashar al-Assad from one of the purple Syrian pound denominations still in circulation.
The government will print large quantities of the new Syrian currency to solve the country's liquidity crisis and pay employee salaries.
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