Syria to Print New Currency Abroad, Removing Assad’s Image Amid Economic Realignment
By Kardo Roj
DAMASCUS, Syria (North Press) – Syria plans to print a newly designed national currency in the United Arab Emirates and Germany, marking a significant symbolic and logistical shift from its prior dependency on Russia, Reuters reported Friday, citing informed sources.
The new currency will omit the image of former president Bashar al-Assad from the violet-colored banknote, a decision widely seen as emblematic of the country’s break with its past and a pivot toward a different economic and political trajectory under the transitional government of President Ahmad al-Shar’a.
The move follows recent softening of international sanctions and a growing interest from global actors in Syria’s reintegration into regional and economic frameworks.
According to Reuters, Syrian authorities began exploring the possibility of printing currency in Germany and the UAE earlier this year. The initiative accelerated after the European Union eased certain sanctions on Damascus in February 2025, allowing for limited financial and technical cooperation with transitional authorities.
Removing Assad’s portrait, which has long adorned Syrian currency, signals more than a design change. Analysts say it reflects a broader institutional attempt to turn the page on a chapter of authoritarian rule and re-establish national identity on new foundations.
The decision comes on the heels of intensified diplomatic activity. U.S. President Donald Trump’s recent announcement to lift key sanctions, including exemptions under the Caesar Act, has catalyzed interest from foreign investors and state actors, including in the Gulf region and Europe.
The UAE has already taken steps to deepen its economic engagement with Syria. Earlier this week, a $800 million memorandum of understanding was signed between the Syrian Ports Authority and Dubai’s DP World to develop and manage the Tartus Port.
Germany, while historically cautious in its Syria policy, has recently expressed support for transitional justice mechanisms and has signaled a willingness to support reconstruction under internationally acceptable conditions.
The new currency, expected to be rolled out gradually by early 2026, will reportedly include enhanced security features and redesigned imagery that reflects Syria’s diverse cultural and geographic heritage—an effort aligned with ongoing state-building narratives promoted by the transitional government.
Despite these developments, substantial challenges remain. The Syrian pound has lost more than 90% of its value since 2011, and inflation continues to erode purchasing power across the country, including in regions administered by the Autonomous Administration of North and East Syria (AANES), which uses a mix of currencies in day-to-day commerce.
AANES officials have previously called for decentralized fiscal policy and greater economic coordination with international bodies. While the printing of a new currency is a step toward stabilization, questions remain about implementation, trust, and integration across diverse regions with different governance structures.
The Syrian Democratic Forces (SDF), which secure large parts of the northeast, continue to provide a degree of stability critical to economic activity and humanitarian operations, particularly in areas isolated from central government control.
The printing of a new Syrian currency abroad represents more than a financial decision—it is a marker of transition, signaling Syria’s attempt to reposition itself amid evolving regional alliances and internal reforms.
If successfully implemented, it could strengthen public confidence, attract further foreign engagement, and support long-term stabilization. However, sustained transparency, inclusivity, and decentralization will be key to ensuring that economic revival reaches all corners of the country, including areas administered by the AANES.