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.
February saw an increasing interest by Syrian investors in the Damascus Securities Exchange.
The use of the dollar and of gold for transactions or as a reference of value is gaining ground across Syria as the national currency continues to decline.
The dollar continued to gain in the Syrian foreign exchange market as speculation is believed to weigh increasingly on the value of the Syrian Pound.
The dollar has crossed, and stabilized above, the 400-pound mark in the Damascus foreign exchange market and sets to remain at these levels for the foreseeable future in spite of Government efforts to restrict imports and demand for foreign currencies.
Years after most of its counterparts, one of Europe’s largest commercial banks has just decided to stop all relations with Syria’s banking sector.
Syria’s Large Taxpayers Unit, which groups the country’s largest corporations and wealthiest individuals, posted in 2015 a 30 percent increase in its revenues.
The value of the shares traded during the first month of the year in the Damascus Securities Exchange almost doubled from December.
Revenues generated by the customs department increased last year in Syrian Pound terms, although this was only the consequence of the decline in the value of the currency.
The Syrian Government is continuing its policy of granting targeted tax exemptions to businesses in a bid to generate more resources.
Syria’s main stock market index gained 1.53 percent in December to close at 1,227.86 on December 30.
EDU 2011 Aleppo
Sheraton Hotel Aleppo
Taxation in Syria
Damascus Chamber of Commerce