The Central Bank of Syria is reportedly considering issuing dollar-denominated treasury bonds to finance the import of energy products, a prospect that could reflect a disconnect of the financial authorities with economic and political realities.
The list below includes the names of all the Syrian entities that have been blacklisted by the European Union since the beginning of the uprising in March 2011.
The Syrian President has sacked Adib Mayaleh, the Minister of Economy, as part of a small government reshuffle, ending the political career of a long-time regime servant.
The list below includes the names of all the individuals that have been blacklisted by the European Union since the beginning of the Syrian uprising in March 2011.
The Syrian Minister of Economy has said that western companies will not benefit from reconstruction contracts unless their governments apologised to the Syrian people.
The list below includes all the Syrian individuals, entities, aircrafts and vessels that have been put under sanctions by the U.S. Administration since 2005.
Syria’s imports of fuel oil doubled last year to compensate for the decline in the supply of natural gas to the country’s power plants.
Cham Wings, a private airliner, Russian banking executives and Rami Makhlouf-owned companies are among 23 new entities and individuals blacklisted by the American administration.
Last week saw the addition of several individuals and entities based in Syria by the United Nations and the United States.
The value of the Syrian Pound relative to the dollar has increased in the past month as the regime gained ground in the battle over Aleppo and in other parts of Syria.
While the Syrian Pound continues to lose ground in the local foreign currency market, its rate of decline is slower since the beginning of the summer.
The visit last week by an Iranian delegation to Damascus marks one of the first major attempts to deepen business ties between the two countries.
Syria’s 2017 budget is planned to increase by 34 percent to SYP 2.6 trillion, according to a preliminary draft approved last week by the government.
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.
The Central Bank of Syria has restricted the operations of foreign exchange companies to non-commercial transactions.
A Syrian pro-regime publication has claimed that a handful of traders control as much as 60 percent of all Syria’s import trade, a report that reflects the tensions existing between Syrian businessmen over the control of import trade.
The full draft of the Caesar Syria Civilian Protection Act introduced by the Committee on Foreign Affairs of the House of Representatives calling for sanctions against Syrian regime allies and the prosecution of war criminals.
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 American Congress is working on a bill that would impose additional sanctions on the Syrian regime and its allies and seek to start investigations into the eventual prosecution of war criminals.
The main points of the Caesar Syria Civilian Protection Act introduced by the Committee on Foreign Affairs of the House of Representatives calling for sanctions against Syrian regime allies and the prosecution of war criminals.
Syria's balance of payments between 2010 and 2015 based on data from the International Monetary Fund.
The following is a short profile of the members of the Syrian Government appointed on July 03, 2016.
Updated on July 05: A new Government was formed in Syria on Sunday, the first in two years.
The Central Bank of Syria has licensed a new foreign exchange company, the first in two years.
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 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.
The US dollar has continued to gain ground slowly in the Syrian foreign currency market and is gradually closing on the 600-pound level.
Syria posted a slight increase in its exports last year to USD 1.4 billion, according to a press report.
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 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.
Private investment fell sharply last year in Syria, after a relative respite in 2014, data from a government body indicate.
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.
The Ministry of Economy has introduced new rules for the financing of imports that it hopes will limit pressure on the Syrian Pound and keep prices stable.
Banque Bemo Saudi Fransi, the largest Syrian private sector bank, has announced the resignation of its CEO.
The Ministry of Economy has asked for an increase in the import of raw materials and other inputs needed for the production of essential products at the expense of the import of finished products as part of the efforts of the Government to reduce demand for foreign currencies.
The dollar continued to climb and reach record levels in the Syrian foreign exchange market this week.
A Syrian oil industry investor and his company have been blacklisted by the U.S. Administration in a recent update to its sanctions list.
The Central Bank of Syria said it will adopt new measures to stem the decline in the value of the Pound, while the Government has rejected a proposal to pay salaries in dollars.
The U.S dollar climbed further in the Syrian foreign currency market this week in spite of attempts by the Central Bank of Syria to curb its rise.
The Syrian pound has continued its relentless decline as the dollar crossed the 360-pound level and the Euro climbed above 400 pounds this week.
The U.S. dollar reached a new high today in the Syrian black market, closing at 346 pounds.
In a surprise move, Russia’s Soyuzneftegaz, an oil and gas company exploring Syria’s offshore areas, has announced that it was withdrawing from the Syrian market.