Syria to print new currency without Assad’s face in UAE and Germany instead of Russia — sources

DAMASCUS, Syria — Syria plans to print a newly designed currency in the UAE and Germany instead of Russia, three sources say, reflecting rapidly improving ties with Gulf Arab and Western states as a move to loosen US sanctions offers Damascus new opportunities.

In another sign of deepening ties between Syria’s new rulers and the UAE, Damascus on Thursday signed an $800 million initial deal with the UAE’s DP World to develop Tartus port — the first such deal since US President Donald Trump’s surprise announcement on Tuesday that US sanctions on Syria would be lifted.

Syrian authorities began exploring the possibility of printing currency in Germany and the UAE earlier this year, and the efforts gained steam after the European Union eased some of its sanctions on Damascus in February.

The redesign will remove former Syrian strongman Bashar al-Assad’s face from one of the Syrian pound’s purple-hued denominations that remain in circulation.

Syria’s new rulers are trying to move quickly to revamp an economy in tatters after 13 years of war. It has recently been further hampered by a banknote shortage.

One of Assad’s key backers, Russia, printed Syria’s currency during more than a decade of civil war after the EU imposed sanctions that led to the termination of a contract with a European firm.