Comments on Inflation in Syria and the collapsing pound in Associated Press, 5 Jan 2023

6 January, 2023
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Dr. Nasser Saidi’s comments on inflation in Syria and the collapsing pound were part of an Associated press article titled “EXPLAINER: Why has Syria’s economic crisis hit a new low?“. The article was published on 5th January 2023.

 

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Apart from years of war, sanctions and widespread corruption, Syria’s economy has gone through a series of shocks since 2019, beginning with the collapse of Lebanon’s financial system that year.

“Given the open borders between Syria and Lebanon and both of them (being) increasingly cash based economies,” their markets are inextricably linked, said Nasser Saidi, a former Lebanese economy minister The currency collapse and removal of subsidies in Lebanon has driven devaluation and higher prices in Syria, he said.

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