(MENAFN) Syria has decided to print its redesigned and revalued banknotes in Russia, Reuters reported on Friday, citing sources. The move comes as Damascus seeks to simplify transactions and restore confidence in the severely devalued Syrian pound by removing two zeroes from the currency.

Since 2011, the pound has lost over 99% of its value, dropping from 50 to around 10,000 per US dollar, causing widespread difficulties in transactions and money transfers. Central Bank Governor Abdelkader Husrieh described the new currency as a “necessity” to strengthen public trust and facilitate foreign trade.

The deal was reportedly made with Russian state-owned firm Goznak during Syrian Foreign Minister Asaad al-Shaiban’s visit to Moscow in late July. Goznak previously printed Syrian currency under former President Bashar Assad. Although the current government, led by HTS leader Ahmed al-Sharaa, maintains ties with Russia, it had considered alternative printers in the UAE and Germany.

The currency overhaul also aims to bring an estimated 40 trillion pounds circulating outside the formal financial system under regulation. The new notes are expected to omit portraits of Assad and his father, Hafez. Sources indicated the rollout is planned for December 8, the first anniversary of Assad’s ouster, with a 12-month coexistence period for the old and new banknotes.

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