Minister of Economy: Government measures aim to reduce price hikes and simplify financial and banking procedures

The Minister of Economy and Foreign Trade, Dr. Muhammad Samer Al-Khalil, explained that the new government measures aim to limit the increase in the exchange rate and prices, to facilitate exports and imports and to simplify financial and banking procedures.

The minister indicated that priority is given to funding raw materials used in the pharmaceutical and food industries, as some industries were allowed to temporarily enter production requirements with the intention of re-export, in addition to allowing industrial facilities to transfer machines and production lines with the intention of repairing or replacing them.

The minister pointed out that the reality of the Syrian economy is not far from a large part of the global economic problems that created an additional wave of inflation that has worsened with the imposition of Western sanctions on the Russian Federation, stressing that Syria was able, despite all circumstances, to maintain a rate of stability in the exchange rate despite its high rate compared to other neighbouring countries.

Al-Khalil indicated that in a special meeting of the Economic Committee under the supervision of President Bashar al-Assad ten days ago, there was an economic strategy and clear policies, where a very important and broad discussion took place. Emphasis was placed on giving priority in support to the production sectors.

The minister believed that the acceleration of the production wheel is the basis of the economic movement, because local production supports the Syrian pound, and it secures job opportunities in industry and agriculture, which provides us with good and logical growth opportunities.

Al-Khalil stressed that the priority today is for the production sector, especially the pharmaceutical industries, which provide more than 85 percent of Syria’s needs. The state deals with drug security in a special way, as its price is still determined administratively and is subsidized until today, i.e. it is not sold at international prices, and therefore this sector is funded through the Central Bank.

Al-Khalil explained that food industries also have priority in financing as so are the industrial and commercial sectors, indicating that remittances are not money that is physically transferred, but rather a written commitment, and therefore there is no way to deliver them in foreign exchange.

 Al-Khalil pointed out that the Iraqi market is an important market for Syrian products.