The US dollar has gained almost 5 percent in the space of a month in the Syrian foreign exchange market, a confirmation that the latest plan by the authorities to prop up their currency has failed.
The government is considering imposing a tax on cigarettes, of which Syria is among the highest per-capita consumers in the world, as a means to cover part of its health expenses bill.
Only a few days after ordering a freeze on the bank accounts of several prominent investors, the Central Bank of Syria reversed its decision, increasing uncertainty and making it very hard to understand its strategy.
THIS ARTICLE HAS BEEN UPDATED. READ IT IN ITS NEW VERSION HERE: More Pressure on Business Community as Central Bank Freezes Bank Accounts of Prominent Investors
The two indices of the Damascus Securities Exchange have posted their strongest monthly decline in years, a particularly significant change given the relatively large volume of trading.
The Central Bank of Syria is trying to push Syrian businessmen to hand over their dollars as part of its drive to curb the depreciation of its currency.
Syria’s gold market remains disrupted by tensions between goldsmiths and the Ministry of Finance, unstable prices and the spread of unmarked gold.
The Central Bank of Syria has issued a circular to local banks asking them to restrict credit facilities they grant to importers, an additional sign of the pressures faced by the economy.
The Syrian pound has fallen to its lowest level on record relative to the U.S. dollar in the local foreign exchange market.
Trading was dull at the Damascus Securities Exchange last month and not much seemed able to bring interest back into the market.
The Syrian bourse’s two indices, the DWX and DLX, took opposite directions last month as trading volumes increased.
Syria’s commission for combating money laundering and the financing of terrorism has issued its 2018 annual report.
The Syrian Financial Intelligence Unit (SFIU), a body affiliated to the Central Bank of Syria, attended for the first time in years the annual plenary meeting of the Egmont Group.
Syrian private sector banks are expanding their branch network across the country.
The government has announced that it plans to issue treasury bills before the end of the year to fund its budget deficit.