Arab Today, arab today syria prints more money to pay bills
Last Updated : GMT 18:42:37
Arab Today, arab today
Arab Today, arab today

Syria prints more money to pay bills

Arab Today, arab today

Arab Today, arab today Syria prints more money to pay bills

Damascus - Arabstoday

Syria is printing money in an effort to pay government bills and shore-up the economy as international sanctions have caused the nation\'s currency to collapse and inflation to rise rapidly. \"The largest employer in the country is the government and they need to pay these salaries. That\'s why they are printing money,\" said a banker in Damascus who spoke on condition of anonymity for fear of reprisal from president Bashar Al Assad\'s regime. \"They have been defending the gate for so long and something had to be done to buy back some loyalty,\" he said. The Syrian currency has lost 44 per cent of its value on the official market during the past year, trading at 63.70 Syrian pounds per US dollar, compared with 45 pounds before the uprising. On the black-market, however, the currency is trading at 73 pounds (Dh4.21) to the dollar. Syria\'s $27 billion (Dh99.17bn) budget introduced last November, the biggest in its history, was motivated by a desire to create more state jobs. But the spending spree slowly ground to a halt as sanctions cut revenues, gradually pushing the government into a deficit. Moreover, the liquidity in the banking system has diminished, said Salim Akil, who recently moved his business from Damascus to Dubai following the economic turmoil caused by the uprising. \"A lot of money has been wiped out of the system as many investors moved to set up new businesses and factories outside of Syria,\" he said. \"The regime is printing the money to save the economy, which is on life support.\" Deposits at three major Syrian banks - Bank Audi Syria, Bank of Syria and Overseas, and Banque Bemo Saudi Fransi - fell 35 per cent last year, according to regulatory filings published on the Damascus Securities Exchange. Syria\'s energy minister, Sufian Allaw, last month said international sanctions had cost the country $4bn. The economy was forecast to contract 5.9 per cent this year by the Economist Intelligence Unit. Cooking-gas cylinders are selling for 1,400 pounds each, about 10 per cent of the average salary, up from 400 punds. This month, merchants closed their shops at the Damascus souq for a week to strike against the massacre in Houla. The mostly Sunni businessmen there were a key link to the Alawite regime of the former president Hafez Al Assad and that of his son and successor, Bashar. \"Syria doesn\'t have any supermarkets,\" said Farouk, an American-Syrian businessman who spoke on condition that his real name not be revealed. \"When the souq closes, the entire city shuts down.\" By The National

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today syria prints more money to pay bills Arab Today, arab today syria prints more money to pay bills

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today syria prints more money to pay bills Arab Today, arab today syria prints more money to pay bills

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday