DAMASCUS – Syria is preparing to print a newly designed national currency in the United Arab Emirates and Germany, three sources confirmed, signaling a dramatic shift in its geopolitical and economic alignments as the country distances itself from former ally Russia and embraces deepening ties with Gulf and Western powers.
The move follows the ousting of former President Bashar al-Assad, who fled to Russia in December 2022. With a transitional leadership now in power, Syria is urgently trying to stabilize its economy after over a decade of civil war, compounded by hyperinflation and a critical shortage of banknotes.
Sources familiar with the matter said Syrian authorities had begun exploring currency printing alternatives earlier this year, gaining momentum after the European Union suspended certain sanctions in February—specifically easing restrictions on Syria’s financial sector to allow currency production abroad.
The redesign of the new Syrian pound will remove the image of Assad from at least one of the circulating denominations, marking a symbolic departure from the past regime.
In a notable sign of the new administration’s growing relationship with the UAE, Syria on Thursday signed a preliminary $800 million deal with Dubai-based logistics giant DP World to develop the strategic Tartus port.
The agreement, the first major foreign investment since former U.S. President Donald Trump announced the lifting of American sanctions on Syria earlier this week, is seen as a cornerstone in Syria’s economic recovery efforts.
Syrian financial sources revealed that the country’s central bank is in advanced talks with UAE-based Oumolat Security Printing LLC for the production of the new notes.
A high-level Syrian delegation, including the central bank governor Abdelkader Husriyeh and the finance minister, visited Oumolat in the UAE earlier this month. Oumolat has yet to comment publicly on the negotiations.
In Germany, interest has been shown by both the state-backed Bundesdruckerei and private firm Giesecke+Devrient, according to a Syrian source and a European official. However, a spokesperson for Bundesdruckerei denied any ongoing talks with Syria, while Giesecke+Devrient declined to comment.
Previously, Syria relied on Russia to print its currency following the EU’s imposition of sanctions that forced the cancellation of contracts with European firms.
Though Damascus maintains a pragmatic relationship with Moscow—having received recent shipments of fuel, wheat, and cash—its tilt toward Gulf and European partnerships is reshaping long-standing alliances.
“The shift in currency printing is not just technical—it’s political,” a European diplomat said. “It signals Syria’s willingness to reintegrate into the international financial system under new governance.”
On the streets of Damascus, however, currency scarcity remains a daily struggle. While officials blame hoarding by citizens and alleged criminal networks, bankers argue that the government itself is throttling supply to manage the exchange rate.
The black market exchange rate has improved modestly, with the Syrian pound trading at around 10,000 to the U.S. dollar, strengthening from 15,000 prior to Assad’s departure.
Still, it is a far cry from 2011, when the pound traded at just 50 to the dollar—before the country descended into conflict.
As Syria redefines its international relationships and economic strategies, the newly printed currency could become a potent symbol of its attempt to rebuild from the ashes of war and authoritarian rule.