Thursday, April 15, 2021

President Assad Dismisses the Governor of the Central Bank to Boost the Economy

Syrian President Bashar Assad issued a decree removing the Governor of the Central Bank of Syria for a couple of reasons, one of which his failure in managing the exchange price of the Syrian Lira.

Central Bank of Syria - Damascus

The Syrian economy is unlike many economies in the region and beyond, it does not rely on stock markets, it doesn't have futures and virtual deals, it is not much linked to foreign exchange, and most of all it's not pegged to the US dollar, it might be the least currency dealing with the overrated dollar, yet, there was a remarkable increase of the price of the US dollar against the Syrian Lira in a very short period of time despite the country's latest victories against the US-sponsored terrorist groups.

Syria sustained much of the unprecedented war waged against it by the world's superpowers and super-rich countries for over a decade, those countries were so vicious in the multi-layered war that some of them went bankrupt financing the war against Syria, some of them sold their dearest assets while others failed to meet the basic demands of their own people but always found extras in tens of billions of dollars and Euros to send to Al Qaeda terrorists murdering the Syrian people, to free them they say.

The drop in the exchange price of the Syrian Lira against the dollar to reach 4800 Syrian Liras for 1 US dollar was very much unrealistic, the economy was enhancing and one of the main tasks of the Central Bank's governor is to maintain confidence in the country's currency.

Two weeks prior to his dismissal, the Syrian government formed a committee to oversee the handling of the currency and within a few days, the price of the US dollar dropped to 3150 Syrian Liras. Don't let the figures fool you, a whole family of 4 in Syria can live on 100 dollars a month and they will even have outings a couple of times, most of the essentials are subsidized; it's not that much cheap, it's that much you're being robbed in your country.

There's however another reason of mismanagement that led to the removal of the governor of the Central Bank explained in this report: President Assad Dismisses Governor of Central Bank of Syria.

No comments:

Post a Comment


Donate to Help Us Continue