Syrian economy hits serious problems

Is your high street bank ripping you off

A weakening currency combined with an ever deepening recession has put the Syrian economy in real trouble.

The national government is now so low on funds that they have been left with no choice but to levy a special tax on state workers, a move which has not been well received.

The government have been forced to suspend the import of cars and the tourism industry, upon which the country is so reliant, has been on a rapid downward curve for some time.

“The economic situation in Syria is very serious indeed,” said Steven Heydemann, a Middle East analyst at the U.S institute of peace.

“The impact of sanctions will gradually strangle activity. The Syrian government likes to give the impression its business as usual, but the reality is very different.”

A planned EU ban on oil imports is also set to have a worsening affect on the economy, with Turkey also preparing sanctions of their own which could affect trade between the two nations significantly.

A potential lifeline from Iran has been suggested, but has not yet been forthcoming.

Heydemann said that there were “reports the Iranians have offered to provide (President Bashar al-Assad) with $6bn to tide him over, but no evidence they have delivered on their promise, at least not so far.”

Transferring money to Syria

If you are looking to invest in Syria, think carefully about how you will be transferring money to Syria. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Syria – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

Company Details

Syrian economy hits serious problems

Get a quick quote

Open Account with GCEN

GCEN are located at:
GCEN The Old Barn, Oasts Business Village, Red Hill, Wateringbury, Maidstone, Kent, ME18 5NN, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882