Syria Eyes Sanction Relief and New Economic Era

Syria anticipates the lifting of U.S. sanctions and plans economic reforms, including currency changes, to revitalize its economy. Economy Minister al-Shaar highlights restructuring debt and new banknote issuance to restore confidence in the Syrian pound, while reconstruction costs remain a significant hurdle.

Syria stands on the brink of significant economic changes as it hopes for the easing of U.S. sanctions amid restructuring efforts, according to Economy Minister Mohammad Nidal al-Shaar. Speaking in London, al-Shaar expressed optimism about the bill reaching U.S. President Trump for potential final approval.

In a bid to stabilize its currency, Syria plans to introduce new banknotes by early next year, removing two zeros to address the devalued Syrian pound. Sources indicate this move aims to strengthen the currency's purchasing power following years of devaluation due to prolonged conflict.

The reconstruction challenge looms large, with a World Bank estimate of $216 billion for rebuilding efforts. Al-Shaar notes the extensive damage to infrastructure, projecting even higher costs for modernizing Syria's facilities. Debt restructuring is underway to alleviate financial pressures.

(With inputs from agencies.)