Syria Receives Shipment of Currency Printed in Russia
Syria’s central bank confirmed on Friday that a shipment of local currency, printed in Russia during former President Bashar al-Assad’s rule, has arrived at Damascus Airport, according to state news agency SANA.
Money Printed in Russia
The exact amount of money was not disclosed, but Reuters sources say it is in the “hundreds of billions of Syrian pounds,” equal to tens of millions of US dollars.
The money was printed in Russia while Assad was in power but was not sent to Syria before he was overthrown by Islamist rebels in December. After Assad fled to Moscow, Syria’s new leaders told the Russian printing company to stop making more Syrian currency. It is unclear why the previously printed money was delivered now.
This shipment shows that past agreements under Assad still have an impact today. It also highlights the central bank’s struggle to manage currency supply while dealing with economic sanctions and a weak economy.
Syria continues to rely on Russia for important economic needs, including printing money, because it has limited ability to produce its own currency.
Challenges for Syria’s Economy
Maysaa Sabreen, Syria’s new central bank governor, said in January that the government wants to avoid printing more money to prevent inflation from rising. Now, she must find a way to use this newly arrived currency without making inflation worse, making this a key moment for Syria’s economy.
Syrian Pound Gains Strength
Since the new leadership took over, Syria’s currency has become stronger on the black market. This was helped by more Syrians returning from abroad and fewer restrictions on trading foreign currency.
On Thursday, the Syrian pound traded at 9,850 per US dollar, while the official exchange rate has remained around 13,000 pounds per dollar, according to the central bank.
Foreign Reserves at Critical Levels
Syria has been struggling with a severe cash shortage since Assad was removed from power.
The central bank now has only $200 million in foreign currency reserves—far less than the $18.5 billion it had in 2010 before the civil war, according to the International Monetary Fund (IMF).
Published: 15th February 2025
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