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Economic woes persist in Syria as new government faces mounting challenges

China

China

China

Economic woes persist in Syria as new government faces mounting challenges

2025-03-15 21:57 Last Updated At:22:57

Syrians remain burdened by economic instability and security challenges following the ousting of Assad's government and the establishment of a new administration in December last year.

Saturday marks 14 years since the outbreak of the Syrian civil war. Even with a new government established in December, Syrians continue to grapple with deep economic challenges, including unemployment and soaring inflation.

Amid a worsening economic crisis and soaring unemployment, the new government has struggled to revive the economy, leaving vulnerable groups, particularly the elderly, in extreme poverty.

To mitigate the crisis, the government has introduced bank withdrawal limits, but the policy has only added to residents' woes. In a country with limited alternative payment options, people are forced to spend hours in line just to secure enough cash for their daily needs.

"I have not been paid for four months. Recently the government issued a decision to give us our payments, so I came here today. It is too difficult for a retiree to live four months without any income," said Adham Malek, a Syrian Retiree.

Many Syrians have resorted to purchasing large quantities of bread during Ramadan and reselling it on roadsides to earn a modest daily income, as job opportunities remain scarce.

"The economic situation in Syria is bad. Items are abundant, but there is no purchasing power and no money, so how can I buy things? If I want to shop then I need like one million. I do not have that amount of money, and that is why most people are turning into street vendors to sell whatever," said Zeina Hawa, a local resident.

Entering the first Ramadan since the fall of the Assad government, residents are facing strict measures from the new administration, which has ordered the closure of all restaurants and cafes during daylight hours. Violators risk up to three months in custody, leaving the catering industry in a state of stagnation.

After inheriting an economy ravaged by years of conflict and sanctions, the new government is struggling to identify a short-term strategy to revive the country's financial stability.

"Unfortunately, Syria now has no economic approach. It is not a socialist economy, or a social market economy, nor a capitalist economic system. So, the market approach of the Syrian economy is rather vague," said economist Ammar Yousef.

As Syrians remember the 14th anniversary of the war, nonfunctional economic management and unrest in many spots across the country have cast doubt on the country's future.

Economic woes persist in Syria as new government faces mounting challenges

Economic woes persist in Syria as new government faces mounting challenges

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 7.0108 against USD Monday

Chinese yuan strengthens to 7.0108 against USD Monday

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