The Syrian government plans to print a new currency design in the UAE and Germany instead of Russia and remove former President Bashar Al-Assad’s face from the Syrian pound, according to Reuters.
This remarkable move stands as a testament to the growing relations between Syria with the Gulf and Western countries.
These plans come after the US President Donald Trump has lifted sanctions on Syria, a move which unleased new opportunities for Syrian economy to flourish and succeed.
After Trump’s resolution, Syria signed an $800 million initial deal with the UAE’s DP World to develop Tartus port.
Earlier this year, the new Syrian government started to explore the possibility of printing currency in Germany and the UAE.
This step has gained considerable momentum after the European Union eased some of its sanctions on Damascus in February.
Importantly, the new design will remove Al-Assad’s face from one of the Syrian pound’s purple-hued denominations that is still circulating.
As a result of civil war in Syria, the EU imposed sanctions that led to the termination of a contract to print currencies with a European firm.
Therefore, Russia, one of Assad’s key backers, became responsible of printing Syrian currencies.
The new Syrian President Ahmad Al-Sharaa has maintained ties with Moscow even after Al-Assad fled to Russia last December.
Moreover, Syria received several cash shipments from Russia in recent months along with fuel and wheat.
Meanwhile, Russia seeks to keep its two military bases in Syria’s coastal region.
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