Syria to Develop New Currency, Says Minister
Syrian Economy Minister Mohammad Nidal al-Shaar revealed that the new government is currently working on developing a new currency, which is planned to replace the old currency depicting former Syrian President Bashar al-Assad.
He explained that the new Syrian government will not make any hasty decisions in this regard, and that the issue is being dealt with calmly and patiently. He pointed out that liquidity is the main challenge facing the Syrian economy.
The new Syrian government seeks to solve the liquidity crisis by printing the new Syrian currency. It intends to partner with companies in the UAE and Germany instead of Russia.
Even after Bashar al-Assad fled, the new Syrian government maintained relations with Russia and received several shipments of banknotes in recent months along with fuel and wheat shipments.
The new government is in advanced talks regarding a deal to print the new Syrian currency with the Emirati company "Ammalat Security Printing", which the Governor of the Central Bank of Syria and the Minister of Finance recently visited. It is also in talks with the German companies "Bundesdruckerei" and "Giesecke Plus Devrient" to print the new Syrian currency.
The Shape of the New Syrian Currency
According to Syrian sources, the shape of the new Syrian currency will include a redesign to remove the image of former Syrian President Bashar al-Assad from one of the purple Syrian pound denominations still in circulation.
The government will print large quantities of the new Syrian currency to solve the country's liquidity crisis and pay employee salaries.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
News
Flights suspended at Port Sudan Airport after Drone Attacks
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
an hour ago
- Daily News Egypt
DOJA Developments launches Galini project in North Coast with EGP 1.5bn investment
DOJA Developments has announced the launch of its latest project, Galini, located in the Sidi Abdel Rahman area on Egypt's North Coast. The mixed-use residential, touristic, and hotel resort is set to receive total investments of EGP 1.5bn. Mahmoud Adel, Chairperson of DOJA Developments, highlighted that the project's strategic location supports year-round occupancy and strengthens its appeal as a promising real estate and tourism investment. This aligns with the state's broader vision to transform the North Coast into a year-round destination, rather than being active only during the summer months. Adel noted that Galini enjoys a prime location—approximately 15 minutes from New Alamein City and around two hours from Cairo. The development will include 160 serviced residential units designed to offer the highest standards of luxury and comfort, alongside a hotel comprising 110 rooms. He added that the company has introduced flexible payment plans tailored to meet the needs of different customer segments. Galini will also offer a full suite of hotel and entertainment amenities, including full room service, a modern gym, underground parking, an indoor restaurant, an outdoor café, a poolside bar, a dedicated children's play area, and a commercial zone featuring a range of restaurants and retail outlets. Adel also announced a partnership with FM Plus, a subsidiary of Concrete Plus, to oversee the project's operations and maintenance. Leveraging its deep expertise in facilities management, FM Plus will play a key role in safeguarding the project's investment value and maintaining the highest service quality standards. In addition, DOJA Developments has partnered with Azal Hotels & Resorts, a subsidiary of the Garrana Group, to manage and operate the hotel component of Galini. This collaboration aims to deliver a hospitality experience that meets top international standards. The company is offering competitive payment options, starting with a 10% down payment and instalments over eight years, coupled with prices described as among the most attractive in the North Coast market. Adel concluded by noting that the land for the project has been fully paid for and that Galini will be entirely self-financed, drawing on DOJA Developments' established track record in the market. The project's smartly designed units, featuring compact layouts, are aimed at buyers seeking affordable and flexible ownership opportunities on the North Coast.
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Gold Prices Decline 0.4% Globally and Locally Amid Strong U.S. Data and Progress in Trade Negotiations
Waleed Farouk Gold prices in local markets fell by 0.4% during the week ending Saturday, while global spot prices dropped by the same percentage. The decline followed strong U.S. economic data and notable progress in trade negotiations between Washington and its partners, reducing demand for the precious metal as a safe-haven asset. In Egypt, the price of 21-karat gold fell by EGP 20 over the week, moving from EGP 4,650 to EGP 4,630 per gram, in tandem with the global spot price slipping 0.4% from $3,350 to $3,337 per ounce. Meanwhile, 24-karat gold recorded EGP 5,291 per gram, 18-karat stood at EGP 3,969, 14-karat at EGP 3,087, and the gold pound (8 grams of 21-karat) was priced at EGP 37,040. Despite a three-basis-point drop in U.S. 10-year Treasury yields to 4.386%, gold did not benefit as the U.S. dollar regained some strength, supported by optimism in global trade markets. Investors are now anticipating that the Federal Reserve will maintain its benchmark interest rate within the 4.25%–4.50% range for the fifth consecutive meeting, backed by labor market data showing resilience. Trade-related developments added to market optimism, with Washington and Tokyo announcing a new agreement, while expectations grew for a potential U.S.–EU deal before early August. Former U.S. President Donald Trump stated there was a '50/50 chance' of reaching such an agreement, suggesting that tariffs ranging from 10% to 15% could be implemented. Looking ahead, key U.S. economic events scheduled for the coming week include the Federal Reserve's July 30 policy decision, preliminary Q2 GDP data, core Personal Consumption Expenditures (PCE), and non-farm payrolls. Gold remains in a phase of relative stability after a strong rally that peaked in April, when geopolitical tensions and tariff disputes pushed prices near record highs of $3,500 per ounce. However, as trade relations improved and geopolitical risks eased, momentum subsided, and investment demand weakened. Physical demand in key markets such as India has not been sufficient to offset this decline, as high prices have reduced purchase volumes despite maintaining high nominal values. Central banks continue to support the gold market as they seek to diversify reserves away from the U.S. dollar, though their purchases in Q1 2025 were lower than those of the previous year. Meanwhile, gold-backed exchange-traded funds (ETFs) saw notable inflows. Forecasts for gold prices remain mixed, with some analysts projecting a rise to $4,000 per ounce, while more cautious outlooks see the potential for a pullback toward $2,800. Any significant upward trend would likely require strong catalysts such as a sharp global economic slowdown, renewed geopolitical tensions, or substantial U.S. dollar weakness. Conversely, improving economic conditions and reduced risk factors could push investors toward higher-risk assets, exerting further downward pressure on gold. In this volatile financial environment, relying solely on numerical forecasts is risky. Analysts emphasize the importance of tracking fundamental indicators such as central bank policies, gold reserve trends, ETF movements, and the metal's correlation with the U.S. dollar. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Data Reveals: Egypt's Rising Gold Export Value Driven by Global Prices, Not Industrial Growth
Waleed Farouk Despite recent discussions about a surge in Egypt's gold exports, available data paints a different picture, indicating that there hasn't been a substantial boom. Statistics show that roughly 90% of the gold exported is raw gold—a long-standing practice in the Egyptian market aimed at securing foreign currency and providing local cash liquidity. This trend became more apparent after the Central Bank intervened and lifted the valuation fees on raw gold exports, following an earlier decision by the Ministry of Supply and Internal Trade in 2021 to impose those fees in line with those applied to jewelry exports. Why Have Export Values Increased? The primary reason is the rise in global gold prices, not an actual increase in export volumes or an improvement in local industry. Therefore, much of the narrative from the Precious Metals Division seems more like an attempt to maintain media visibility. The most critical indicator in this context is the volume of jewelry exports, as it is the only metric that reflects real added value for the domestic industry. In contrast, collecting scrap gold, melting it, and reselling it abroad does not constitute genuine industrial growth. How Much Jewelry Does Egypt Export? This question can only be answered precisely through official data issued by the Assay and Weights Authority and Customs Authority. However, according to sector sources, following the December 2022 decision by Minister of Supply and Internal Trade Dr. Ali Al-Moselhy to remove valuation fees on jewelry exports, some companies attempted to enter the export market. Nevertheless, the numbers remain limited. Business owners confirm that Egypt's total jewelry exports since the beginning of the year have not exceeded 100 kilograms—a modest figure compared to regional markets. Moreover, the total value read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
