Bank

Recent reports indicate that the Katerji brothers, possibly the most influential business figures to have emerged during the Syrian conflict, are facing increasing pressure from the Syrian authorities. The Katerji Group, a group of various companies owned by Hussam, Baraa, and several of their brothers, control several large investment projects in or around Aleppo that are nominally in the hands of the state.

Binance Holding Limited has been fined USD 4.3 billion for breaching U.S. sanctions in jurisdictions, including Syria. This is one of the largest corporate penalties in U.S. history.

The Maersk Narmada vessel recently became the last Maersk vessel to dock in Syria, ending the company's ten-year operations in the country. The company's withdrawal is reportedly due to the difficulties of navigating sanctions.

The four Treasury bond auctions held in 2023 by the Ministry of Finance have amassed less than half of their target, reflecting the difficulties the government faces to attract funding. 

Syria recorded an annual inflation rate of 84.9 percent in 2022, compared to an average of 5.1 percent in the rest of Arab countries and 8.5 percent recorded globally, according to the Annual Bulletin of the Syrian Centre for Policy Research, published on October 12. The hike in prices of food and non-alcoholic beverages contributed to 41.3 percent of last year’s general inflation, followed by the housing, water, electricity and gas category, then transportation and health.

Over 12 years of conflict, the Syrian government has spent SYP 380 billion on 11,909 reconstruction projects, Finance Minister Kenan Yaghi revealed on November 12 in a Syrian parliament session discussing the 2024 budget.