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29/05/2025 02:43 AST
Syrian Economy Minister Mohammad Nidal Al-Shaar has said his country is working on developing a new currency but will not make any hasty decisions.
Speaking at the Arab Media Summit on Wednesday, Al-Shaar said the new Syrian government was "dealing with this calmly and patiently" and pointed to the economy's flaws under Bashar Assad's regime.
"The regime had different channels to pay salaries, one was through royalties that were imposed on traders and the other was through captagon production. When the regime fell, these stopped so there is a shortage in liquidity currently," he explained.
Liquidity was the main challenge faced by Syria's economy, he added, as the previous regime had retrieved most of the country's liquid assets from overseas before it fell.
"We are working on retrieving our funds from abroad in cash; unfortunately the regime was able to retrieve most of it but something is better than nothing," he said.
Earlier this year, the UAE invested $800 million to develop the Syrian port of Tartous after the US lifted sanctions.
Al-Shaar said Syria was striving to become an open economy and attract foreign investment but was being selective to avoid creating economic chaos.
"Brotherly countries of the Middle East are all looking forward to protecting Syria from chaos, the Syrian people are tired of (it) and cannot bear any more," he added.
Arab News
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
29/05/2025
US stock futures jumped and the dollar strengthened after President Donald Trump's global tariffs were deemed illegal and blocked by the US trade court. Upbeat earnings from Nvidia Corp. also boosted
AFP
29/05/2025
Nvidia on Wednesday reported earnings that topped market expectations, with a $4.5 billion hit from US export controls being less than the Silicon Valley chip juggernaut had feared.
Nvidia s
Gulfnews
28/05/2025
Oil prices were little changed on Tuesday on increasing expectations members of the Organization of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their outp
Reuters
27/05/2025
International visitor spending will break all previous records this year, reaching an unprecedented $2.1 trillion - $164 billion more than the 2019 peak, says a World Travel & Tourism Council (WTTC)
Trade Arabia
27/05/2025
Moody's decision to keep China's ratings and outlook unchanged is a "positive reflection of the positive prospects of China's economy," China's finance ministry said on Monday.
The country's
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