Syria is preparing to print its currency in the UAE and Germany, refusing the services of Russia, write Reuters.
It is noted that such a step was made possible due to improved relations with Arab and Western Gulf countries, as well as the easing of US sanctions.
Damascus has already signed an $800 million deal with UAE-based DP World to develop the port of Tartus — the first such deal since President Trump announced the lifting of US sanctions.
The Syrian authorities began considering options for printing currency abroad earlier this year, and the process gained momentum after EU sanctions were eased in February. As part of the update, the image of Bashar al-Assad will be removed from the Syrian pound banknotes, and some denominations will receive a new design.
Russia printed Syrian currency for over a decade after the imposition of sanctions, but now Damascus is trying to diversify its external economic ties. Despite this, cooperation with Moscow does not stop - Russia continues to supply Syria with money, fuel and wheat, and maintains military bases.
Syria is currently facing a shortage of banknotes, partly caused by citizens and speculators hoarding pounds and the authorities restricting their circulation to control the exchange rate.
According to official data, on the black market, the pound is trading at about 10 thousand to the dollar, while before the war one dollar was worth 50 pounds.
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