In a significant move reflecting shifting geopolitical alliances, Syria has announced plans to print its redesigned currency in the United Arab Emirates (UAE) and Germany, effectively ending its long-standing reliance on Russia for banknote production. This decision underscores Syria’s efforts to strengthen ties with Gulf Arab and Western nations amid a loosening of U.S. sanctions.
For over a decade, Syria depended on Russia to print its currency, especially after European Union (EU) sanctions in 2011 terminated a contract with an Austrian firm. However, the recent easing of EU sanctions on Syria’s financial sector has opened avenues for Damascus to explore alternative partners. Syrian authorities are now in advanced discussions with UAE-based company Oumolat and have engaged with German firms Bundesdruckerei and Giesecke+Devrient regarding currency production. While Oumolat has not commented, Bundesdruckerei stated it is not in talks with Syria, and Giesecke+Devrient declined to comment.
The redesigned Syrian currency will notably exclude the image of former President Bashar al-Assad, symbolizing a departure from his regime following his ousting in December 2024. Assad’s departure marked the end of a 13-year civil war, during which Syria’s economy suffered immensely, leading to a severe banknote shortage and a depreciated currency.
In tandem with the currency overhaul, Syria has signed an $800 million preliminary agreement with UAE’s DP World to develop the Tartus port, indicating deepening economic collaboration between Damascus and the UAE. These developments suggest a strategic pivot by Syria’s new leadership to diversify its international partnerships and reduce dependence on Russia, which continues to support Syria with resources like fuel and wheat.
The shift in currency printing and economic partnerships reflects Syria’s broader strategy to revitalize its economy and reestablish its position in the international community. By engaging with Gulf and Western nations, Syria aims to attract investment and rebuild its war-torn infrastructure, signaling a new chapter in its post-conflict recovery.
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