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Prime Minister: Drop in SYP exchange rate caused by USD buying to accommodate increased industrial activity

Damascus, SANA – Chairing a Cabinet meeting on Tuesday, Prime Minister Wael al-Halaqi discussed the drop in the SYP exchange rate during the past two weeks, attributing it to industrialists and businessmen who are buying USD to purchase equipment and materials due to the improving industrial production activity.

Al-Halaqi also attributed the drop to other elements such as the economic war imposed on Syria and the media misdirection accompanying it, saying that local traders have no excuse for linking the prices of goods in markets to the SYP exchange rate because the goods in question are readily available and stored in their warehouses, and were not procured during the recent exchange rate drop.

He reviewed the steps taken by the government to stabilize the exchange rate, stressing the need for establishing a database for imports and standards for funding them and holding those who manipulate prices for personal gains accountable.

The Premier also addressed the results of the visit of the Foreign Minister of Belarus Vladimir Makei to Syria.

During the meeting, the Cabinet approved a bill on selling state-owned real-estate properties subject to the agrarian reform law, a memo on suggestions for securing wheat reserves, and a memo on providing a real-estate property for a project to invest in volcanic tuff.

Hazem Sabbagh

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