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Iran Eyes Railway Link with Syria and Mediterranean

11-01-2022 in , /by

After over twenty years of negotiations, the Iranian government has announced that work on a multi-million dollar railway connection from the Iranian town of Shalamcheh to Iraq’s Basra is set to begin within two months. The link is part of a more significant railway project to connect Iran’s Imam Khomeini Port with Syria’s Lattakia Port, the country’s main commercial port.

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Russia Targets Civilian Infrastructure and Cuts Water Supply in Northwest Syria

11-01-2022 in , /by

In late December 2021, Russia carried out a ten-day airstrike campaign on Idlib and parts of Rural Aleppo and Hama, killing civilians and widely damaging civilian infrastructure and key sources of livelihoods, including a UNICEF-supported water station, a foodstuff factory, and several poultry and cow farms. The attacks, which are in violation of the 2020 ceasefire agreement between Turkey and Russia, have only contributed to further exacerbating already deteriorating living conditions in the region and may be a sign of increasing tensions between the two countries.

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New Electricity Price Hikes in North and Northwest Syria Escalate Protests

11-01-2022 in , /by

Electricity companies in the opposition-held parts of the Idlib and Aleppo governorates have recently increased their fees for each kilowatt-hour by 40 to 50 percent in Idlib and 160 to 280 percent in Aleppo, further escalating protests that have proliferated as a result of the region’s worsening economic crisis and the recent collapse of the Turkish lira.

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Central Bank Unifies Foreign Exchange Rates and Relaxes Restrictions on Daily Cash Withdrawals

11-01-2022 in , /by

On January 03, the Central Bank of Syria (CBS) devalued the Syrian pound in its Official exchange rate bulletin, raising it to SYP 2,500 per US dollar from SYP 1,250. It has also recently eased restrictions on daily bank withdrawals, gradually reversing a previous measure that was adopted to strengthen the national currency.

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New Financial Law for Local Administrative Units to Increase their Revenues and Supplement their Budgets

04-01-2022 in , /by

At the end of last month, President Bashar Al-Assad issued a new law that organises and increases the financial resources of local administrative units across the country. Among other things, the law authorises administrative units to collect fees on a number of items and services to supplement their budgets.

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Demand for Electricity to Increase in the Winter Season amid Supply Shortages

21-12-2021 in , /by

The Ministry of Electricity has recently announced that electricity will be heavily rationed ahead of the winter season given that local production remains a fraction of demand. Meanwhile, the government plans to activate a new service this month that would allow businesses to avoid rationing electricity altogether in return for paying extremely high fees.

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As Inflation Surges and Purchasing Power Collapses, the Government and Opposition Raise Salaries

21-12-2021 in , /by

The government has increased the salaries of public sector employees, military staff, and retirees for the second time this year as it scales back subsidies and as prices continue to skyrocket. Meanwhile, in northern Syria, amid the collapse of the Turkish lira, the Syrian Interim Government has also increased salaries for select educational workers, while the Syrian Salvation Government has formed a committee to determine a new minimum wage inside areas under its control.

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Prison Sentence Handed to Danish CEO over Syria Sanctions Violation

14-12-2021 in , /by

Today, Bunker Holding, the world’s largest bunker company, its subsidiary, Dan-Bunkering, and its CEO, Keld Demant, have been found guilty of selling jet fuel to Russian companies that was then shipped to Syria. The two companies are obliged to pay millions in fines, while Demant has been sentenced to months in prison.

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AANES Seeks Economic Self-Sufficiency and Financial Independence from the Government

14-12-2021 in , /by

The Autonomous Administration of North and East Syria is drafting a law to establish an independent monetary and financial policy institution, which would be akin to a central bank, in an apparent move to consolidate its autonomy drive. It also recently re-opened a cotton spinning and weaving factory, previously owned by the Syrian government, in a bid to boost self-sufficiency in a key sector of its economy.

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