https://arab.news/637kh
- Syria is striving to become an open economy and attract foreign investment
DUBAI: 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 鈥渄ealing with this calmly and patiently鈥� and pointed to the economy鈥檚 flaws under Bashar Assad鈥檚 regime.
鈥淭he 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,鈥� he explained.
Liquidity was the main challenge faced by Syria鈥檚 economy, he added, as the previous regime had retrieved most of the country鈥檚 liquid assets from overseas before it fell.
鈥淲e 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,鈥� 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.
鈥淏rotherly 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,鈥� he added.