Syria will print new money in the UAE and Germany as its relationship with Western countries gets better, reducing its dependence on Russia
Syria is planning to print new banknotes in the UAE and Germany, instead of Russia. This change comes as Syria’s relationships with Gulf and Western countries improve, and the US ends its long-standing sanctions on Damascus.
Syria’s New Money
Syrian leaders are very close to making a deal with a company in the UAE called Oumolat to print new Syrian money. This comes after Syria’s central bank chief and finance minister visited the UAE earlier this month, according to two Syrian finance sources who spoke to Reuters.
In Germany, two companies—one run by the government called Bundesdruckerei and a private one named Giesecke+Devrient—are also interested in printing Syria’s money. A Syrian source and a European official said this, but it’s not clear yet which company will get the job.
However, a spokesperson for Bundesdruckerei told Reuters that the company is not currently making a deal with Syria for printing money.
The idea to print money in the UAE and Germany started earlier this year and grew faster after the EU and the US relaxed some rules against Syria.
Russia, which is a strong friend of Syrian President Bashar al‑Assad, has been printing Syria’s money since the civil war started more than ten years ago. This happened after the EU stopped a previous deal with a European company because of sanctions.
The new Syrian money will not have a picture of the former leader Assad on one of the purple bills, which people still use now. Syria’s new government is trying hard to fix the country’s broken economy after 13 years of war. This is harder because there are not enough banknotes.
Officials say the lack of cash is because many people and illegal groups are hiding money. Banks say the government is limiting how much money people can take out to keep the exchange rate steady. Because of this, banks often say no to people and businesses who want to take out money. This makes the economy weaker, especially since cheap imports compete with local products.
Israel Not Consulted
US President Donald Trump said he decided to recognize Syria’s new government without asking Israel. Israeli leaders are still unsure about Syria’s new president, Ahmed al-Sharaa, AFP reported.
“I didn’t ask them about that. I thought it was the right thing to do. I’ve been given a lot of credit for doing it,” Trump said to reporters on Air Force One after leaving Abu Dhabi at the end of a four-day trip in the Middle East.
On Tuesday, Trump said he would order the US to lift sanctions on Syria, which is a big change before he meets al-Sharaa. This surprise announcement shows US support for Syria’s new government, which Trump says could help bring peace and stability to the country.
Published: 19th May 2025
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