Syria in Talks With UAE & Germany to Print Redesigned Currency

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.