Arab Today, arab today syria prints more money to pay bills
Last Updated : GMT 22:59:08
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

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
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 15:48 2017 Wednesday ,22 February

GOIC Encourages Paper Industry in GCC States

GMT 07:47 2017 Wednesday ,22 February

Iran, Iraq agree to re-export oil from Karkuk

GMT 06:26 2017 Wednesday ,22 February

Saudi tourism to reach $81bn by 2026

GMT 04:16 2017 Wednesday ,22 February

Dubai boat show to showcase 450 new vessels

GMT 04:13 2017 Wednesday ,22 February

Defence deals worth Dh4b inked on Day 3 of Idex
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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