Inflation (310)


The two main indices of the Damascus Securities Exchange increased by about 30 percent in the first half of this year, lower than the estimated inflation rate.


The Central Bank of Syria has raised SYP 74.3 billion from its latest certificates of deposit issue, while some banks are restricting access to cash.


The Autonomous Administration in North and East Syria (AANES) has announced a sharp increase in the salaries of its employees to help them face the impact of rising inflation.


The Syrian government has once again devalued its currency and reduced the number of imported items it will finance, risking an acceleration of inflation, particularly for food products.


The collapse of the Syrian pound has hiked the price of key fodder inputs, which are already facing shortages. Eventually, this will have an impact on the cost of food.


The Central Bank of Syria is issuing new certificates of deposit to raise cash on behalf of the government.


Despite growing by almost eight percent last year, all major indicators indicate a deep deterioration in economic and social conditions in Syria, a recently released report has said.


The government has announced that it is strengthening its two-year-old import replacement programme, which aims to reduce the country’s import bill.


An unofficial report suggests that the cost of food has increased in Damascus by a staggering 56 percent since the beginning of the year.


The number of Syrians who have tested positive for the Coronavirus has increased to 19, according to the Ministry of Health. Two have died and two have recovered.


Syria devalued the exchange rate it uses for a broad set of transactions and eased the sale of dollars used to fund key imports last week, as the government seeks to battle both the Covid-19 pandemic and the consequences of the collapse of its currency.


The Central Bank of Syria raised SYP 92.2 billion through certificates of deposit it issued yesterday and sold through an auction.


The government has agreed to subsidise loans granted to Aleppo industrialists in a bid to kickstart investment in Syria’s traditional manufacturing hub.


Syrian official data indicates that the country’s gross domestic product increased in 2018 for the first time since 2012.


The Syrian government has started imposing the first restrictive measures on public life as the potential spread of the Coronavirus threatens to have a devastating effect on the population and the economy.


The combined assets of Syrian private sector banks increased last year, but this was the result of the growth in the assets of a single bank. Rising inflation also means that in real terms assets declined.


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


The Ministry of Domestic Trade and Consumer Protection increased the price of petrol (gasoline) on February 29, the second time in a year.


Syrian official data confirms that inflation accelerated in the summer of last year.


Cham Palaces and Hotels, Syria’s largest five-star hotel chain, said its revenues increased last year, thanks largely to a rising number of foreign tourists.


Official data indicates that inflation started to accelerate last year well before the steep collapse in the value of the Syrian pound.


The Syrian government has adopted several decisions to ease import trade finance, put a lid on inflation and reduce pressure on the Syrian currency.


The government’s first issue of treasury bonds this year received lukewarm support from the local banking sector.


The Ministry of Finance has announced a timetable to sell SYP 300 billion worth of Treasury bonds in 2020, the first such issues in nine years.


The Real Estate Bank has announced that it generated profits in 2019 for the second year in a row, after years of losses.


The cost of living in Syria increased significantly again last year, particularly in the fourth quarter, according to one estimate.


The value of the dollar in the Syrian foreign exchange market crossed the highly symbolic level of 1,000 pounds this week and is unlikely to retreat any time soon.


The year 2019 came to a disappointing close for the Damascus Securities Exchange, which saw its main index decline for the first time in four years.


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.


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.