DAMASCUS: Syria’s central bank said a batch of Syrian currency had arrived at Damascus airport from Russia, where banknotes were printed under the rule of toppled President Bashar Assad, Syria’s state news agency SANA reported on Friday.
The central bank did not specify the amount of currency that had arrived, but a source with knowledge of the matter said it was in the “hundreds of billions of Syrian pounds,” equivalent to tens of millions of US dollars.
The source said the cash had been printed in Russia under Assad’s rule but had not been shipped to Syria by the time he was toppled in early December 2024.
Syria’s new leadership ordered the Russian company printing the currency to stop after Assad fled to Moscow, the source said, without providing details on what prompted Friday’s delivery of the previously printed cash.
BACKGROUND
A source said the cash had been printed in Russia under Bashar Assad’s rule but had not been shipped to Syria by the time he was toppled in early December 2024.
Syria has been facing a liquidity crunch since Assad’s ouster, with Syria’s new central bank governor, Maysaa Sabreen, saying in January that she wanted to avoid printing Syrian pounds to guard against a surge in inflation.
Syria’s pound has strengthened on the black market since the new leadership took over, helped by an influx of Syrians from abroad and an end to strict controls on trade in foreign currencies.
It traded 9,850 pounds to the US dollar on Thursday, according to exchange houses closed on Friday.
According to statements by the central bank, the official foreign exchange rate has stayed around 13,000 pounds to the US dollar.
But that has sparked concerns about liquidity in Syrian pounds.
The central bank only has foreign exchange reserves of around $200 million in cash, sources said, a considerable drop from the $18.5 billion that the International Monetary Fund estimated Syria had in 2010, a year before civil war erupted.
Russia is hoping to retain the use of naval and air bases in Syria under its new leaders.
Russia’s President Vladimir Putin held a phone call with Syria’s President Ahmad Al-Sharaa on Wednesday, the first call between the two leaders since Assad’s ouster.
The Syrian presidency said Putin had invited Syria’s new foreign minister to visit Moscow.
