{"id":342325,"date":"2025-12-30T06:48:09","date_gmt":"2025-12-30T06:48:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/342325\/"},"modified":"2025-12-30T06:48:09","modified_gmt":"2025-12-30T06:48:09","slug":"no-faces-no-places-syria-unveils-banknotes-to-replace-assad-era-currency-and-boost-economic-recovery","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/342325\/","title":{"rendered":"No faces, no places: Syria unveils banknotes to replace Assad-era currency and boost economic recovery"},"content":{"rendered":"

Syrian<\/a> President Ahmad Al Shara and central bank governor Abdulkader Husrieh on Monday unveiled the country\u2019s new currency, which will be introduced gradually from January 1.<\/p>\n

The move is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows during the civil war that ended last December, when rebels toppled president \u2060Bashar Al Assad’s regime.<\/p>\n

Speaking at the unveiling in Damascus, Mr Al Shara said the design of the new banknotes, which feature images only of animals and plants, “is an expression of the new national identity and a move away from the veneration of individuals”.<\/p>\n

“The currency change event marks the end of a previous, unlamented phase, and the beginning of a new phase that the Syrian people and the peoples of the region who are hopeful about the modern Syrian reality aspire to,” he said, according to state news agency Sana.<\/p>\n

Images of the new notes projected on a screen showed a 25-pound note with mulberries, a 50-pound note with oranges, a 200-pound note with olives, and a 500-pound note with ears of wheat.<\/p>\n

Mr Al Shara said there were “many concepts that need to be clarified during the currency exchange phase”. <\/p>\n

“The first is that changing the zeros and removing two zeros from the old currency to the new currency does not mean improving the economy, but rather it is easier to deal with the currency,” he said.<\/p>\n

“Improving the economy depends on increasing production rates and reducing unemployment rates in Syria, and one of the basics of achieving economic growth is improving the banking situation because banks are like arteries for the economy.”<\/p>\n

Mr Husrieh said last week that the new currency would be introduced gradually<\/a> from the start of the new year, and that the exchange of old notes for new ones would be “smooth and organised”, with guidelines to be announced later.<\/p>\n

Mr Al Shara described the changeover as “sensitive and delicate”, saying the most important consideration was “to avoid panic among the people and not to rush to throw away the old currency and replace it with the new one”. <\/p>\n

“Everyone who has old currency will have it replaced with the new one, so there is no need to insist on changing it because that may harm the exchange rate of the Syrian pound,” he said.<\/p>\n

“We need a calm approach to currency replacement, and the central bank has made it clear that this will be done according to a specific timetable.”<\/p>\n

Mr Husrieh said the currency change would not affect the exchange rate and was intended to encourage people to rely on the Syrian pound in daily transactions.<\/p>\n

He said the exchange should last 90 days, but might be extended if needed. “This will help stabilise prices, and we confirm that pricing during this phase will be in both the old and new currencies,” Sana quoted him as saying.<\/p>\n

“There will be a media campaign to accompany the currency change and explain the details in the coming days.”<\/p>\n

THURSDAY’S FIXTURES<\/p>\n

4pm\u00a0Maratha Arabians v Northern Warriors<\/p>\n

6.15pm\u00a0Deccan Gladiators v Pune Devils<\/p>\n

8.30pm\u00a0Delhi Bulls v Bangla Tigers<\/p>\n

The specs: 2018 Nissan Altima<\/p>\n

Price, base \/ as tested: Dh78,000 \/ Dh97,650<\/p>\n

Engine: 2.5-litre in-line four-cylinder<\/p>\n

Power: 182hp @ 6,000rpm<\/p>\n

Torque: 244Nm @ 4,000rpm<\/p>\n

Transmission: Continuously variable tranmission<\/p>\n

Fuel consumption, combined: 7.6L \/ 100km<\/p>\n

The rules on fostering in the UAE<\/p>\n

A foster couple or family must:<\/p>\n

be Muslim, Emirati and be residing in the UAE
\nnot be younger than 25 years old
\nnot have been convicted of offences or crimes involving moral turpitude
\nbe free of infectious diseases or psychological and mental disorders
\nhave the ability to support its members and the foster child financially
\nundertake to treat and raise the child in a proper manner and take care of his or her health and well-being
\nA single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
\nTen tax points to be aware of in 2026 <\/p>\n

1. Domestic VAT refund amendments: request your refund within five years<\/p>\n

If a business does not apply for the refund on time, they lose their credit.<\/p>\n

2. E-invoicing in the UAE<\/p>\n

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.\u00a0<\/p>\n

3. More tax audits<\/p>\n

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.\u00a0<\/p>\n

4. More beneficial VAT and excise tax penalty regime<\/p>\n

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.<\/p>\n

5. Greater emphasis on statutory audit<\/p>\n

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.<\/p>\n

6. Further transfer pricing enforcement<\/p>\n

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.\u00a0<\/p>\n

7. Limited time periods for audits<\/p>\n

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.\u00a0<\/p>\n

8. Pillar 2 implementation\u00a0<\/p>\n

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE’s implementation of the OECD\u2019s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.<\/p>\n

9. Reduced compliance obligations for imported goods and services<\/p>\n

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.\u00a0<\/p>\n

10. Substance and CbC reporting focus<\/p>\n

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups\u2019 global footprints and enabling them to assess whether profits are aligned with real economic activity.\u00a0<\/p>\n

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer<\/p>\n

The specs<\/p>\n

AT4 Ultimate, as tested<\/p>\n

Engine: 6.2-litre V8<\/p>\n

Power: 420hp<\/p>\n

Torque: 623Nm<\/p>\n

Transmission: 10-speed automatic<\/p>\n

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)<\/p>\n

On sale: Now<\/p>\n

COMPANY PROFILE<\/p>\n

Name: Xpanceo<\/p>\n

Started: 2018<\/p>\n

Founders: Roman Axelrod, Valentyn Volkov<\/p>\n

Based: Dubai, UAE<\/p>\n

Industry: Smart contact lenses, augmented\/virtual reality<\/p>\n

Funding: $40 million<\/p>\n

Investor: Opportunity Venture (Asia)<\/p>\n

Key facilities
\nOlympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m\/25m training lanes
\nPremier League-standard football pitch
\n400m Olympic running track
\nNBA-spec basketball court with auditorium
\n600-seat auditorium
\nSpaces for historical and cultural exploration
\nAn elevated football field that doubles as a helipad
\nSpecialist robotics and science laboratories
\nAR and VR-enabled learning centres
\nDisruption Lab and Research Centre for developing entrepreneurial skills
\nLILO & STITCH<\/p>\n

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders<\/p>\n

Director: Dean Fleischer Camp<\/p>\n

Rating: 4.5\/5<\/p>\n

FA CUP FINAL<\/p>\n

Manchester City 6
(D Silva 26′, Sterling 38′, 81′, 87′, De Bruyne 61′, Jesus 68′)<\/p>\n

Watford 0<\/p>\n

Man of the match:\u00a0Bernardo Silva (Manchester City)<\/p>\n

THE%20FLASH<\/p>\n

%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Andy%20Muschietti%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sasha%20Calle%2C%20Ben%20Affleck%2C%20Ezra%20Miller%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A<\/p>\n

The specs: 2018 Nissan 370Z Nismo<\/p>\n

The specs: 2018 Nissan 370Z Nismo
Price, base \/ as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
\u200b\u200b\u200b\u200b\u200b\u200b\u200bFuel consumption, combined: 10.5L \/ 100km<\/p>\n

Results<\/p>\n

%3Cp%3E%0D%3Cstrong%3EElite%20men%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Amare%20Hailemichael%20Samson%20(ERI)%202%3A07%3A10%0D%3Cbr%3E2.%20Leornard%20Barsoton%20(KEN)%202%3A09%3A37%0D%3Cbr%3E3.%20Ilham%20Ozbilan%20(TUR)%202%3A10%3A16%0D%3Cbr%3E4.%20Gideon%20Chepkonga%20(KEN)%202%3A11%3A17%0D%3Cbr%3E5.%20Isaac%20Timoi%20(KEN)%202%3A11%3A34%0D%3Cbr%3E%3Cstrong%3EElite%20women%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Brigid%20Kosgei%20(KEN)%202%3A19%3A15%0D%3Cbr%3E2.%20Hawi%20Feysa%20Gejia%20(ETH)%202%3A24%3A03%0D%3Cbr%3E3.%20Sintayehu%20Dessi%20(ETH)%202%3A25%3A36%0D%3Cbr%3E4.%20Aurelia%20Kiptui%20(KEN)%202%3A28%3A59%0D%3Cbr%3E5.%20Emily%20Kipchumba%20(KEN)%202%3A29%3A52%3C%2Fp%3E%0A<\/p>\n

ELECTION%20RESULTS<\/p>\n

%3Cp%3EMacron%E2%80%99s%20Ensemble%20group%20won%20245%20seats.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20second-largest%20group%20in%20parliament%20is%20Nupes%2C%20a%20leftist%20coalition%20led%20by%20Jean-Luc%20Melenchon%2C%20which%20gets%20131%20lawmakers.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20far-right%20National%20Rally%20fared%20much%20better%20than%20expected%20with%2089%20seats.%3C%2Fp%3E%0A%3Cp%3EThe%20centre-right%20Republicans%20and%20their%20allies%20took%2061.%3C%2Fp%3E%0A<\/p>\n

COMPANY%20PROFILE<\/p>\n

%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks’%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A<\/p>\n

Six large-scale objects on show
\nConcrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
\nThe 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
\nA stagecloth for The Ballet Russes that is 10m high \u2013 the largest Picasso in the world
\nFrank Lloyd Wright\u2019s 1930s Kaufmann Office
\nA full-scale Frankfurt Kitchen designed by Margarete Sch\u00fctte-Lihotzky, which transformed kitchen design in the 20th century
\nTorrijos Palace dome<\/p>\n","protected":false},"excerpt":{"rendered":"Syrian President Ahmad Al Shara and central bank governor Abdulkader Husrieh on Monday unveiled the country\u2019s new currency,…\n","protected":false},"author":2,"featured_media":342326,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,132795,5438,5141,1141,56,54,55],"class_list":["post-342325","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-foreign-desk-team","tag-standard","tag-story","tag-syria","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/342325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=342325"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/342325\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/342326"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=342325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=342325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=342325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}