Syria plans to print its new currency in the UAE or Germany

Syria plans to print a new currency design in the UAE and Germany instead of Russia.

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

The new design will remove the image of Bashar al Assad from one of the purple Syrian pound denominations still in circulation.

Syria used to print its currency in Russia, during the Assad’s regime, for more than a decade of war after the European Union imposed sanctions that led to the termination of a contract with a European company.

Syrian authorities are in advanced talks regarding a currency printing deal with the Emirati company Oummolat, which the Syrian central bank governor and finance minister visited during a trip to the UAE in early May, according to two Syrian financial sources.