Syria
Syrian Economy Minister Basel Abdul Hannan speaking to reporters in Damascus on January 6, 2025. Photo: Rudaw/screengrab
ERBIL, Kurdistan Region - Syrian Economy Minister Basel Abdul Hannan on Thursday blamed “speculative tradesmen” for causing a spike in the price of the Syrian pound, despite its rise in value against the US dollar. He pointed out that the Central Bank of Syria has begun taking steps “to stabilize the exchange rate.”
Responding to a question by Rudaw’s Dilkhwaz Mohammed about the impact of sanctions imposed on Damascus, the Syrian minister acknowledged that sanctions are severely straining Syria’s economy and trade. He hoped that the sanctions would continue to be eased by countries in coming days until “they are fully lifted.” Abdul Hannan added that removing sanctions would boost the export of Syrian products.
Speaking to reporters on the sidelines of the Khan Al-Harir Expo in Damascus, the minister described the exhibition “held less than two months since the liberation of Syria” as a sign of the transitional Syrian government’s efforts to drive the country’s economic recovery. He urged Arab and foreign investors to enter the Syrian market asserting that “the current environment is suitable for investment and reconstruction.”
On the subject of rebuilding devastated regions in the Syrian capital, the Governor of Rif Dimashq Amer al-Sheikh highlighted the need to lift sanctions and hold international conferences – such as the upcoming conference on Syria in Paris on February 13 – to facilitate the reconstruction of his country and enable the return of displaced Syrians.
When asked by Rudaw’s reporter about the measures taken to assess the scale of devastation, Sheikh mentioned that “aerial surveys and censuses are being carried out by committees assigned by the ministry of local administration” to lay the groundwork for comprehensive reconstruction.
Sheikh also called on countries to assist in the reconstruction process, highlighting that Syria’s institutions “are unable to reconstruct the country on their own." On another note, he stated that a power line providing 12 hours of uninterrupted electricity to factories in Rif Dimashq has been established, with plans to further increase the power supply.
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