Inflation (280)


The Central Bank of Syria has introduced a new exchange rate for international organisations operating in Syria, allowing them to change dollars into pounds at a rate well above the official price.


The Syrian government has significantly increased the salaries of civil servants, a move that will provide welcome short-term relief, but will also accelerate inflation and the depreciation of the currency.


The government has increased its income from properties rented to the private sector by almost 50 percent this year, confirming the sector’s potential to generate revenues.


Syrian imports of Iranian crude oil doubled in the six months through the end of September, according to recent data, increasing inventories.


The government’s return to north-east Syria following the Turkish onslaught on that region is set to have an important impact on the country’s economy, in particular its energy, agriculture and trade sectors.


Syria’s gold market remains disrupted by tensions between goldsmiths and the Ministry of Finance, unstable prices and the spread of unmarked gold.


The Syrian pound has fallen to its lowest level on record relative to the U.S. dollar in the local foreign exchange market.


The annual percentage change in the consumer price index in Syria since 2010.


Syria’s inflation rate started to increase again at the end of last year although it remained below its post-2011 average.


The government has increased significantly the price of gas canisters used by businesses, as shortages bite; the move will push the inflation rate higher.


The government is forcing importers to sell part of the products they import to state entities at cost price in bid to limit inflation on consumer goods.


Syria’s inflation rate remained mostly flat up to August last year, according to official data.


The first private sector photovoltaic solar power plant has started producing in the Industrial City of Hessia (ICH) and has been connected to the national electricity grid, a government official has said.


Hazem Qarfoul, the governor of the Central Bank of Syria, has implicitly admitted that defending the value of the Syrian pound in the foreign exchange market was no more a priority.


After months of continuous decline, the value of the Syrian pound in the local foreign exchange market stabilized in May, although it seems unlikely to regain ground.


The Central Bureau of Statistics has provided new population and household expenditures data based on a large survey it conducted at the end of 2017.


In the first five months of 2018, Syria’s inflation rate was largely flat and in some months prices even declined, official data show.


In 2017, for the sixth year in a row, Syria’s gross domestic product declined, although at a slower pace than in previous years, while the government’s contribution fell significantly, official data show.


The following is the OFAC advisory warning actors of the global maritime industry involved with supplying oil to Syria. This text is published following its update of March 25, 2019.


The Central Bank of Syria has raised SYP 130.8 billion, USD 244.5 million at the current market exchange rate, for its first issue of certificates of deposit.


The Central Bank of Syria has announced that it will issue certificates of deposits later this month for the first time in its history, as the government seeks to raise funds to pay for its expenses.


The Syrian pound is resuming its downward slide and has already lost some six percent of its value relative to the dollar since the beginning of the year.


Syria’s inflation rate was almost flat last year as some product categories actually witnessed a decline in prices, new data from the government indicate.


New taxes by the Ministry of Finance are increasing significantly the price of gold, an important store of value for Syrian households.


The Syrian pound has fallen to its lowest level in a year relative to the dollar and is now close to crossing the 500 mark in the black market.


The average required expenditure budget of a Syrian household needed to meet its most pressing requirements has remained stable in the first half of this year, according to a local report.


The Credit and Monetary Council of the Central Bank of Syria has changed the interest rates banks pay on their customers’ deposit accounts.


A company managing one of the main commercial malls in Damascus has reportedly been stripped from its contract to the benefit of an influential regime crony, highlighting the increasingly insecure Syrian business environment.


The Syrian government is increasing the pay of its soldiers by 30 percent.


Syria’s inflation rate continued to decelerate rapidly in the Spring of 2017, falling below 30 percent for the first time in three years, official data show.


Syria’s gross domestic product fell in 2016 to a fifth of its pre-uprising value according to official statistics released for the first time.


Damascus has been ranked the cheapest city to live in the world out of 133 large cities listed in a recent survey.


Payment facilities and restrictive measures have ensured a sharp increase in the Large Taxpayers Unit of the Ministry of Finance last year.


Syrian official data have confirmed that inflation continued to decelerate at the beginning of last year.


Only days after allowing local banks to resume lending, the Central Bank of Syria has partly backtracked on its decision for fear of pressures on the pound.


Syria’s dramatically poor rainfalls are threatening to have serious economic consequences this year.


The average monthly income needed to meet the requirements of an average household in Damascus has mostly remained unchanged last year, the first time it does not increase since 2011, according to a pro-regime media.


The financial results of some of Syria’s largest companies show an increase in revenues across the board, albeit from very low levels.


Syria’s inflation rate remained high in 2016 official data show, although the increase in prices began to decelerate by the last quarter of the year.


The Ministry of Domestic Trade has decreased the price of several food items as the improvement in the value of the pound helps reduce import costs.


The Damascus Securities Exchange attracted again investors last month on the back of the rapid advances of regime forces in the east of the country, after months of relative stagnation.


The Syrian Government’s drive to collect more revenues from its real estate properties has started to generate some results, government officials have said, as another source of revenues being considered is an increase in taxation on properties.


The Syrian Prime Minister has criticized his predecessor for spending 14 billion dollars of foreign currency reserves, while announcing the doubling of a tax dedicated to finance reconstruction.


Syria’s inflation was 50 percent in October, the last month for which data is available, a very high rate but still a decrease relative to previous months.


As local production of fertilizers resumes, the government has increased again the price of fertilizers sold to its farmers, which will make farming less competitive and discourage further agricultural production.


Updated on August 22, 2017: The latest inflation data indicate that the rate of price increases was stable but still very high in the fall of last year.


Syria’s wheat and barley production increased this year while the improvement in security has helped reduce price inflation on many agricultural products, a report by the FAO has found.