SYRIA TO STOP PRINTING BANKNOTES IN RUSSIA

 

As U.S. and EU sanctions are easing, Syria plans to stop issuing new banknotes through Russia's state-owned Goznak and instead print them in the UAE and Germany, Reuters reported May 16, citing three sources.

According to those sources, the switch to a new arrangement to print paper currency will also alter the design on the banknotes. The redesign will remove the image of deposed dictator Bashar al-Assad from the SYP2,000 banknote.

Improved relations with Arab and Western countries are opening new opportunities for Damascus. Syrian officials are in preliminary negotiations with UAE-based Oumolat, a deal that was discussed during early May meetings involving Syria's central bank head and finance minister, two Syrian sources said.

In Germany, interest has been expressed by state firm Bundesdruckerei and private company Giesecke+Devrient, a Syrian source and a European official told Reuters.

On May 14, U.S. President Donald Trump met in Saudi Arabia with Syria's president Ahmed al-Sharaa, followed by a pledge to lift U.S. sanctions imposed on the country when it was ruled by the Assad regime.

The following day, Reuters reported that Trump's unilateral decision surprised some members of his administration. Four U.S. officials familiar with the matter said senior officials at the State Department and Treasury were scrambling to determine how to lift long-standing sanctions.

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Syria to stop printing banknotes in Russia (https://english.nv.ua/nation/syria-to-stop-printing-banknotes-in-russia-50514683.html)

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