The U.S. Government has blocked several properties located in New York and Washington, D.C. as well as millions of dollars owned by the Syrian Government, a recent report reveals.
Cash Shortage Strengthens Syrian Pound, Increases Speculators’ Profits and Erodes Confidence in Central Bank
The decision by the Central Bank of Syria 10 days ago to reduce the supply of Syrian pound liquidities has helped strengthen the value of the national currency but appears unsustainable in the medium and long-term.
The Damascus Securities Exchange posted in May its first monthly loss in the space of five months and saw a sharp decline in the value of shares traded.
The pound has strengthened significantly relative to the dollar in the past week and is now back to its level of the beginning of the year.
The US dollar crossed this week the 600-pound level in the Syrian currency market, which is increasingly slipping out of the control of the Central Bank.
Syria’s insurance market grew 23 percent last year, according to the industry’s regulator.
The value of trading and of the main market index of the Damascus Securities Exchange continued to increase markedly in April.
The US dollar has continued to gain ground slowly in the Syrian foreign currency market and is gradually closing on the 600-pound level.
While the Panama Papers did not reveal anything unexpected on Syria, the investigation over them will likely complicate further the attempts by officials and regime cronies to hide their money.
Updated on August 15, 2016: The first quarter of 2016 has seen a return of investors to the Damascus Securities Exchange, although in real terms the price of stocks and the trading value remain well below their pre-uprising levels.
The continued decline of the Syrian pound is creating rising tensions in the market and pushing many Syrian traders to withhold selling their products.
Foreign currency receipts in 2015 represented only 15 percent of outlays, the Syrian Minister of Finance said, leading to a significant balance of payments deficit.
The Syrian Government has established a credit guarantee institution to support lending to SMEs.
The announcement of a Russian withdrawal from Syria has caused panic in the Syrian foreign exchange market leading to a significant drop in the value of the Syrian pound.
In dollar terms, the assets of Syria’s private sector banks declined by 25 percent on annual basis last year.
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