Syria’s move to issue new bank notes and eliminate two zeroes from its currency is expected to help simplify transactions but will not strengthen the currency amid weak economic growth and high inflation, according to experts.
Last week, Reuters reported that Syria will issue new banknotes, removing two zeroes from its currency in an attempt to restore public confidence in the severely devalued pound. The Russian state-owned money printing firm Goznak is expected to produce new notes after Syria finalised a deal with Moscow last month, it reported.
“The elimination of two zeroes from the Syrian pound is essentially a nominal adjustment rather than a real strengthening of the currency,” Zaki Mehchy, researcher at the London School of Economics and Political Science told The National. “While redenomination may simplify transactions and make the currency appear stronger on paper, it does not address the structural challenges that continue to weaken the pound.”
The underlying drivers of inflation and currency depreciation remain intact amid weak economic growth and surging imports, he added. The Syrian economy has been devastated by years of civil war, with the UN's Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more $923 billion at the end of last year.
The civil war began after protests in 2011 against Bashar Al Assad, who was at that time the country's dictator, and subsequent fighting against extremist groups such as ISIS – resulting in the devastation of infrastructure, displacement of skilled labour and the draining of domestic industry. The national economy has struggled since, with gross domestic product dropping 6.4 per cent in 2016 before gradually recovering, government data shows.
The Syrian pound has lost more than 99 per cent of its value since the war in 2011, with the exchange rate now at around 10,000 pounds to the US dollar, compared with 50 pounds to the dollar before the conflict. The sharp depreciation has made daily transactions and money transfers increasingly difficult for residents, with families forced to carry stacks of money in plastic bags to pay for groceries and other items.
Syria is also expected to remove images of the former presidents Bashar Al Assad and his father Hafez from its notes, reflecting "one of the many ways that the Syrian nation is turning the page on a tumultuous and bloody era and is starting a new era”, said Nassib Ghobril, chief economist at Byblos Bank.
However, redenomination of a currency is most effective in an "environment of economic growth, stability, and high productivity”, Mr Mehchy said. “These conditions are not present in Syria today, where the economy remains fragile. The World Bank projects Syria’s growth rate for 2025 at just 1 per cent, which is extremely low for a country emerging from prolonged conflict and following a nearly 80 per cent contraction in gross domestic product between 2010 and 2024.”
The US announced the lifting of sanctions on Syria in May this year, in a move expected to help the country attract investment and support its economic growth. Earlier this year, Saudi Arabia and Qatar agreed to settle Syria's outstanding debts of about $15 million to the World Bank to pave the way for the Washington-based lender to resume support and operations in Syria after a suspension of more than 14 years.
Last week, Syria and Saudi Arabia also signed an agreement to boost and protect bilateral investments. This comes after Saudi Arabia signed investment agreements worth 24 billion Saudi riyals ($6.4 billion) to support the rebuilding of the Syrian economy. Other countries including Turkey and Qatar have also pledged investments in the country.
However, security is a major problem that is causing concern among investors, as sectarian violence continues. Last month, hundreds of people were killed in Sweida in clashes involving Druze fighters, Bedouin tribesmen and government forces. Israel also intervened with strikes, and claimed its attacks were to protect the Druze.
Policy rather than new notes
Syria's new measures will deliver results when "combined with sound macroeconomic policies, transparency, and institutional trust", Rania Gule, senior market analyst at trading platform XS.com, said. "For Syria, success will hinge less on the new notes themselves and more on the policies backing them.”
The printing of new currency is also going to cost hundreds of millions of dollars, said Benjamin Feve, senior research analyst at Karam Shaar Advisory, based in Beirut. "The government does not have that money. So who's going to pay? That's very unclear," he added.
Turkey's currency move
There have been also previous instances when countries removed zeroes from their currencies. Turkey undertook the exercise successfully in 2005 amid strong economic growth, while in Zimbabwe and Venezuela, where macroeconomic stability and economic reforms were absent, the measures failed.
Turkey removed six zeroes from the lira, a move that succeeded "because it was the final step in a stringent, IMF-backed reform programme that established central bank independence, fiscal discipline and banking sector reforms", Firas Shaboo, an economist and researcher based in Istanbul, said.
However, Venezuela's repeated removal of zeroes (five in 2018, six in 2021) failed because it was "unsupported by genuine economic reforms", he added. "The government continued financing spending through money printing, resulting in hyperinflation that eroded the new currency's value and credibility."
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Directed by: Pete Doctor
Rating: 4 stars
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
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Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Fifa Club World Cup:
When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
LOS ANGELES GALAXY 2 MANCHESTER UNITED 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
