The direct decline of remittances affecting Syrian lira’s exchange rate – Syrian Economist

Ein Issa – North-Press Agency

The Deputy Minister of Electricity and former deputy minister of the Syrian Ministry of Economy Hayan Salman told North-Press that it is necessary to start from the basic sectors of production, especially agriculture and industry and to deal in local currencies with friendly countries, such as Iran, Russia and China, in addition to addressing the policy of economic propaganda to improve the Syrian pound (lira).

Mr. Salman, who previously served as Syria's ambassador to Hungary, said: "Speculation taking place abroad has affected the Syrian pound and the rise in the dollar exchange rate, this rise is accompanied by malicious economic propaganda aimed at undermining the Syrian pound, in addition to the sanctions and economic blockade imposed by the economic terrorism over Syria.”

He also stressed that the decline in the exports and the economic rate was caused by the terrorist practices in Syria, stressing that what is happening in Iraq and Lebanon has negatively affected the Syrian economy. He added that there are lots of materials needed by the Syrian markets, which prompted some traders to significantly buy the dollar. According to Salman, the decline in remittances from expatriates due to the economic sanctions led to a direct rise in the exchange rate of the dollar, stressing that the difference in the price of remittances between the central bank and the black market had a significant impact on the decline of the Syrian pound.

Hayyan Salman believes that the Syrian citizen is affected by the deterioration of the Syrian pound, stressing the necessity of starting from the basic sectors of production especially agriculture and industry, dealing in local currencies with friendly countries such as Iran, Russia and China, strengthening the Syrian pound in transactions and addressing the policy of the economic propaganda.”