Bashar-al-Assad introduced moderate economic reforms and liberalisation early in his tenure.
Currently many factors like the opposition, destruction of factories and agricultural lands, disruption of the economic life, international sanctions, and according to Govt, "corrupt traders" all caused severe fall in the value of Syrian pound, from prewar 47 to current 330 per dollar.
The Govt blames liberalisation and closing up its economy again, and insists on agreements on foreign trade with only friendly countries (Russia, Iran, china). Syria was well known for its self sufficiency, low national debt and its social security net earlier. However, it is now taking loans from Iran (1 billion dollar credit line) and importing oil from Russia and trying to cut cost leakages in its highly subsidised staple food and fuels. Its foreign reserves have fallen to 2-5 billion from the previous 18 billion dollars.
Currently many factors like the opposition, destruction of factories and agricultural lands, disruption of the economic life, international sanctions, and according to Govt, "corrupt traders" all caused severe fall in the value of Syrian pound, from prewar 47 to current 330 per dollar.
The Govt blames liberalisation and closing up its economy again, and insists on agreements on foreign trade with only friendly countries (Russia, Iran, china). Syria was well known for its self sufficiency, low national debt and its social security net earlier. However, it is now taking loans from Iran (1 billion dollar credit line) and importing oil from Russia and trying to cut cost leakages in its highly subsidised staple food and fuels. Its foreign reserves have fallen to 2-5 billion from the previous 18 billion dollars.
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