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Syria Plans Redesigning, Revaluing Currency

(MENAFN) According to a news agency, Syria has chosen to produce its newly redesigned and revalued banknotes in Russia, as revealed by insider sources.

The decision comes amid an ongoing effort by Damascus to overhaul its drastically weakened national currency.

By eliminating two zeros from the Syrian pound, authorities aim to simplify financial transactions and rebuild public trust in the economy.

Since 2011, the Syrian pound has plummeted by more than 99% of its original worth, collapsing from 50 to approximately 10,000 per US dollar.

This sharp depreciation has severely hindered domestic and international money transfers.

On Friday, Central Bank Governor Abdelkader Husrieh announced intentions to release a refreshed currency designed to “strengthen customer confidence” and facilitate foreign transactions, describing the initiative as a “necessity.”

Damascus has reportedly sealed an agreement with the Russian state-owned company Goznak to manufacture the updated banknotes, as confirmed by two bankers and an additional source familiar with the situation.

This arrangement was allegedly concluded during Syrian Foreign Minister Asaad al-Shaiban’s diplomatic visit to Moscow in late July.

Goznak previously handled Syrian currency production during the tenure of former President Bashar Assad, who was deposed last year in an offensive led by the Islamist group Hayat Tahrir al-Sham (HTS).

Assad, a long-standing ally of Moscow, was succeeded by HTS leader Ahmed al-Sharaa.

Despite preserving relations with Russia, the newly installed administration had reportedly been considering other options earlier this year, such as printing partnerships with firms based in the UAE or Germany.

Notably, Goznak is currently subject to Western sanctions due to its involvement in the Ukraine conflict.

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