Syrian cabinet members and parliamentarians attend an emergency session at the Syrian parliament in Damascus, Syria, on July 24, 2023. Syrian Prime Minister Hussein Arnous said on Monday that the country's economic turmoil is worsening as the national currency continues to depreciate. Arnous made the remarks during an emergency session to tackle the worsening economic situation, which he said has led to the distortion of the pricing mechanism, consequently causing high inflation and stagnation in many sectors. (Photo by Ammar Safarjalani/Xinhua)
DAMASCUS, July 24 (Xinhua) -- Syrian Prime Minister Hussein Arnous said on Monday that the country's economic turmoil is worsening as the national currency continues to depreciate.
Arnous made the remarks during an emergency session to tackle the worsening economic situation, which he said has led to the distortion of the pricing mechanism, consequently causing high inflation and stagnation in many sectors.
Earlier in the day, the Central Bank of Syria devalued the Syrian pound by around 30 percent, with the U.S. dollar exchanged for 8,542 Syrian pounds, while in the black market, the dollar is sold at 11,800 pounds.
Arnous attributed the instability of the exchange market to the shortage of foreign exchange that the country needs for energy, foodstuffs, and medicines, among others.
Meanwhile, the prime minister pointed out factors including the economic sanctions imposed by the United States and its Western allies, the massive earthquakes in February, and the presence of U.S. forces and their allied militias in energy-rich areas in eastern Syria, have exacerbated the situation. ■
Syrian Prime Minister Hussein Arnous (C) speaks during an emergency session at the Syrian parliament in Damascus, Syria, on July 24, 2023. Syrian Prime Minister Hussein Arnous said on Monday that the country's economic turmoil is worsening as the national currency continues to depreciate. Arnous made the remarks during an emergency session to tackle the worsening economic situation, which he said has led to the distortion of the pricing mechanism, consequently causing high inflation and stagnation in many sectors. (Photo by Ammar Safarjalani/Xinhua)
Syrian cabinet members and parliamentarians attend an emergency session at the Syrian parliament in Damascus, Syria, on July 24, 2023. Syrian Prime Minister Hussein Arnous said on Monday that the country's economic turmoil is worsening as the national currency continues to depreciate. Arnous made the remarks during an emergency session to tackle the worsening economic situation, which he said has led to the distortion of the pricing mechanism, consequently causing high inflation and stagnation in many sectors. (Photo by Ammar Safarjalani/Xinhua)
Syrian cabinet members and parliamentarians attend an emergency session at the Syrian parliament in Damascus, Syria, on July 24, 2023. Syrian Prime Minister Hussein Arnous said on Monday that the country's economic turmoil is worsening as the national currency continues to depreciate. Arnous made the remarks during an emergency session to tackle the worsening economic situation, which he said has led to the distortion of the pricing mechanism, consequently causing high inflation and stagnation in many sectors. (Photo by Ammar Safarjalani/Xinhua)
