As fiscal revenues remain very low, the Syrian government is on the hunt to generate more income through raising all sorts of taxes and fees and cracking down on tax fraudsters.
The third quarter of this year saw a marked decline in the value of the shares traded in the Damascus Securities Exchange.
The Islamic State has reportedly begun the circulation of its new currency in the city of Raqqa.
At least a third of the government expenses last year were funded by long-term borrowing from the Central Bank of Syria, according to a recent report.
Data from Wikileaks have confirmed that the Central Bank of Syria has deposited significant amounts of its foreign assets in the Russian banking system.
Syria’s government has given more details on its annual budget to pay compensations to pensioners from the public sector, both civilians and members of the armed forces, and their families.
The month of August saw a slight increase in the Syrian stock market index and in the value of shares traded.
The Central Bank of Syria has restricted the operations of foreign exchange companies to non-commercial transactions.
The Syrian pound is continuing its downward spiral and lost in the last week some five percent of its value relative to the dollar as the Government admits that its foreign currency reserves are now very low.
The appointment of a new governor at the Central Bank of Syria has coincided with a new increase of the value of the US dollar in the Syrian foreign exchange market.
The main index of the Damascus Securities Exchange remained mostly unchanged in July.
Bank Audi, Lebanon’s largest commercial bank, is changing the commercial name of it Syrian affiliate in an apparent bid to distance itself from the Syrian market.
ISIS has reportedly begun to mint and circulate its own currency while its revenues from oil are falling.
Syria’s customs revenues increased in the first half of this year as a consequence of the decline in the value of the pound relative to the dollar.
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