People's Assembly briefed on economic, financial situation
Syria, Economics, 12/8/2005

Syria's Prime Minister Naji Otari said the national economy is doing well and the government has been carrying out plans and programs through which the country can surmount existing challenges and pressures.

The Premier added in a statement before the People's Assembly ( Parliament) overnight that citizens would soon witness the positive results of these plans and programs. He indicated that deposits in Syrian banks are still more than the withdrawals, adding that this proves the strength of our economic situation. He said that "efforts must be concerted to pass the test we are exposed to." The premier pointed out that that the current monetary volume is estimated at 600 billion Syrian Pounds of which S.P. 400 billions as deposits and the remaining S.P. 200 billions as a 'movable volume' that exists in several neighboring countries. He added there are efforts to draw this last volume inward

Otari said the state funding for imported basic needs and materials has increased to 65 percent from 35 percent, including sugar, rice, barley, woods and iron, pointing out that this increase used to be financed by the black market and got out of hand.

For his part, Deputy Premier for Economic Affairs Abdullah al-Dardari said the recent retreat in the exchange rate of the Syrian Pound was because of the political conditions in the region not for economic reasons. He added that this reverse in the value of the Syrian pound had begun to appear when Syria started to carry out moves to liberate its economy, and because this rate was going well with the balance of payment.

He asserted that there will be no decision to float the Syrian Pound nor over the next five years, adding that all rumors about this issue have been circulated by some media which whose credibility towards Syria is a matter of suspicion.

Previous Stories:
  Al-Assad presides over economic team meeting on currency stability   (12/7/2005)
  Syria promises banking efficiency for customers   (12/5/2005)
  On Syria's floating its currency   (12/3/2005)

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