Latest news with #Oumolat
CairoScene
18-05-2025
- Business
- CairoScene
Syria in Talks With UAE & Germany to Print Redesigned Currency
As sanctions ease, Syria explores new banknote printing partners, likely excluding Assad's image in the updated design. May 18, 2025 Syria is reportedly in advanced discussions with companies in the UAE and Germany to print a redesigned national currency, as the country looks to modernise its banknotes and address a growing shortage of cash. Among the expected changes is the removal of former President Bashar al-Assad's portrait from a purple banknote still in circulation. The talks follow a February 2024 decision by the European Union to ease certain financial sanctions on Syria, including restrictions on currency printing abroad. US President Donald Trump also recently announced his plan to lift sanctions off of Syria. In the UAE, the state-affiliated company Oumolat has held high-level meetings with Syrian officials, including the central bank governor and finance minister. Meanwhile, in Germany, two major printing firms have shown interest, although no contracts have been finalised. Syria has traditionally relied on Russia to supply banknotes, along with fuel and wheat, as part of its strategic alliance. However, growing engagement with Gulf and European partners suggests a potential shift in economic partnerships. The move coincides with Syria's recently signed USD 800 million agreement with UAE-based DP World to develop the port of Tartus, its most significant deal since the partial lifting of sanctions. Redesigning the national currency also responds to a domestic cash shortage that has exacerbated economic instability. While officials cite hoarding and illicit activity as contributing factors, financial analysts suggest the state may be tightening cash flow to stabilise the exchange rate amid soaring inflation and currency devaluation.
Yahoo
16-05-2025
- Business
- Yahoo
Syria reportedly ends currency printing deal with Russia, eyes UAE, Germany for new banknotes
Syria plans to print a newly designed currency in Germany and the UAE instead of Russia, marking a departure from over a decade of wartime cooperation, Reuters reported on May 16, citing three unnamed sources familiar with the matter. The decision reflects a shift in Damascus's foreign policy and economic posture following the fall of Russian-backed dictator Bashar al-Assad in December 2024. As sanctions against Syria ease, the new leadership is seeking deeper ties with Arab and Western countries, ending its reliance on Moscow. Syrian authorities are reportedly in preliminary talks with Oumolat, which is based in the UAE. In Germany, the state-owned Bundesdruckerei and the private company Giesecke+Devrient have also expressed interest. Two Syrian sources told Reuters that the governor of Syria's central bank and the finance minister visited Oumolat in early May. A separate European official confirmed German interest in the new currency deal. Russia had been Syria's leading banknote producer since EU and U.S. sanctions cut off access to European contractors more than a decade ago. That partnership effectively ends this year. Assad's removal has opened the door to tentative diplomatic re-engagement with both Western and Arab capitals, even as Syria remains mired in internal instability. U.S. President Donald Trump said on May 13 that he ordered the lifting of sanctions on Syria. The new Syrian President Ahmed al-Sharaa, who assumed power following the ousting of al-Assad and recently met with Trump, has moved to end Syria's years of isolation and crippling international sanctions. Ukraine has also opened dialogue with the new Syrian government. Foreign Minister Andrii Sybiha visited Damascus in December 2024, saying at the time that Kyiv and Damascus share similar views on Russia's continued military presence. Read also: Who is Vladimir Medinsky? The Putin aide leading Russia's delegation at Ukraine peace talks We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Indian Express
16-05-2025
- Business
- Indian Express
Syria plans to print new banknotes in UAE and Germany, ending Russian role
Syria is preparing to print new currency in the United Arab Emirates and Germany, replacing Russia as its long-time printing partner, three sources told Reuters. This shift comes as Syria's new leadership builds stronger ties with Gulf Arab and Western countries following the easing of some sanctions. 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.
Yahoo
16-05-2025
- Business
- Yahoo
Exclusive-Syria plans to print currency in UAE and Germany, ending Russian role
By Timour Azhari DAMASCUS (Reuters) - Syria plans to print a newly-designed currency in the UAE and Germany instead of Russia, three sources said, reflecting rapidly improving ties with Gulf Arab and Western states as a move to loosen U.S. sanctions offers Damascus new opportunities. In another sign of deepening ties between Syria's new rulers and the UAE, Damascus on Thursday signed an $800 million initial deal with the UAE's DP World to develop Tartus port - the first such deal since President Donald Trump's surprise announcement on Tuesday that U.S. sanctions on Syria would be lifted. Syrian authorities began exploring the possibility of printing currency in Germany and the UAE earlier this year and the efforts gained steam after the European Union eased some of its sanctions on Damascus in February. The redesign will remove former Syrian strongman Bashar al-Assad's face from one of the Syrian pound's purple-hued denominations that remains in circulation. Syria's new rulers are trying to move quickly to revamp an economy in tatters after 13 years of war. It has recently been further hampered by a banknote shortage. One of Assad's key backers, Russia, printed Syria's currency during more than a decade of civil war after the EU imposed sanctions that led to the termination of a contract with a European firm. The new rulers in Damascus have maintained ties with Moscow even after Assad fled to Russia last December, receiving several cash shipments in recent months along with fuel and wheat as Russia looks to retain its two military bases in Syria's coastal region. That has caused discomfort among European states seeking to limit Russia's influence amid the war in Ukraine. In February, the EU suspended sanctions on Syria's financial sector, specifically allowing for currency printing. Syrian authorities are in advanced talks on a currency-printing deal with UAE-based company Oumolat, which the country's central bank governor and finance minister visited during a trip to the UAE earlier this month, two Syrian financial sources said. Oumolat did not respond to a request for comment. In Germany, state-backed firm Bundesdruckerei and private company Giesecke+Devrient had shown interest, a Syrian source and a European official said, but it was not clear which might print the currency. A Bundesdruckerei spokesperson said it was not in talks for a currency-printing deal with the Syrian state. Giesecke+Devrient declined to comment. The UAE foreign ministry, the German government and Syrian central bank governor Abdelkader Husriyeh did not respond to requests for comment. Syrian pound notes are in short supply today, though officials and bankers give differing reasons for why this is. Officials say ordinary citizens and also malign actors are hoarding pounds, while bankers say it is Syrian authorities who are keeping the flow to a trickle, partly in an effort to manage the exchange rate. Banks regularly turn away depositors and businesses when they try to access their savings, piling pressure on an economy already being squeezed by new competition from cheap imports. The Syrian pound was trading on Friday at around 10,000 per U.S. dollar on the black market, strengthening from around 15,000 before Assad was toppled. One U.S. dollar was worth just 50 pounds in 2011, before the civil war.
The Star
16-05-2025
- Business
- The Star
Exclusive-Syria plans to print currency in UAE and Germany, ending Russian role
FILE PHOTO: Syrian pounds are pictured inside an exchange currency shop in Azaz, Syria February 3, 2020. Picture taken February 3, 2020. REUTERS/Khalil Ashawi/File Photo DAMASCUS (Reuters) - Syria plans to print a newly-designed currency in the UAE and Germany instead of Russia, three sources said, reflecting rapidly improving ties with Gulf Arab and Western states as a move to loosen U.S. sanctions offers Damascus new opportunities. In another sign of deepening ties between Syria's new rulers and the UAE, Damascus on Thursday signed an $800 million initial deal with the UAE's DP World to develop Tartus port - the first such deal since President Donald Trump's surprise announcement on Tuesday that U.S. sanctions on Syria would be lifted. Syrian authorities began exploring the possibility of printing currency in Germany and the UAE earlier this year and the efforts gained steam after the European Union eased some of its sanctions on Damascus in February. The redesign will remove former Syrian strongman Bashar al-Assad's face from one of the Syrian pound's purple-hued denominations that remains in circulation. Syria's new rulers are trying to move quickly to revamp an economy in tatters after 13 years of war. It has recently been further hampered by a banknote shortage. One of Assad's key backers, Russia, printed Syria's currency during more than a decade of civil war after the EU imposed sanctions that led to the termination of a contract with a European firm. The new rulers in Damascus have maintained ties with Moscow even after Assad fled to Russia last December, receiving several cash shipments in recent months along with fuel and wheat as Russia looks to retain its two military bases in Syria's coastal region. That has caused discomfort among European states seeking to limit Russia's influence amid the war in Ukraine. In February, the EU suspended sanctions on Syria's financial sector, specifically allowing for currency printing. Syrian authorities are in advanced talks on a currency-printing deal with UAE-based company Oumolat, which the country's central bank governor and finance minister visited during a trip to the UAE earlier this month, two Syrian financial sources said. Oumolat did not respond to a request for comment. In Germany, state-backed firm Bundesdruckerei and private company Giesecke+Devrient had shown interest, a Syrian source and a European official said, but it was not clear which might print the currency. A Bundesdruckerei spokesperson said it was not in talks for a currency-printing deal with the Syrian state. Giesecke+Devrient declined to comment. The UAE foreign ministry, the German government and Syrian central bank governor Abdelkader Husriyeh did not respond to requests for comment. Syrian pound notes are in short supply today, though officials and bankers give differing reasons for why this is. Officials say ordinary citizens and also malign actors are hoarding pounds, while bankers say it is Syrian authorities who are keeping the flow to a trickle, partly in an effort to manage the exchange rate. Banks regularly turn away depositors and businesses when they try to access their savings, piling pressure on an economy already being squeezed by new competition from cheap imports. The Syrian pound was trading on Friday at around 10,000 per U.S. dollar on the black market, strengthening from around 15,000 before Assad was toppled. One U.S. dollar was worth just 50 pounds in 2011, before the civil war. (Reporting by Timour Azhari. Additional reporting by Francesco Canepa in Frankfurt, Sarah Marsh in Berlin and Hadeel al-Sayegh in Dubai. Editing by Gareth Jones and Mark Potter)
