Live updates: Follow the latest on Syria
While the Syrian pound crashed after the fall of president Bashar Al Assad’s regime, further declines can be arrested if the country gets a stable transitional government, analysts have said.
The fall of Damascus ended the five-decade rule of the Assad family when rebels took control of the capital on Sunday. The rebels, led by Hayat Tahrir Al Sham, have placed the civil administration under the supervision of Mohammad Al Jalali, the last prime minister who served under Mr Al Assad.
The Syrian pound, which plummeted on Sunday, had recovered slightly on Monday. The selling price of the dollar in Aleppo reached 18,000 Syrian pounds on Monday, while the buying price was 17,000, according to the SP Today website. The selling price of the dollar in Damascus reached 17,000 Syrian pounds, with 16,000 as the buying price.
The fall of the dictatorial regime led to the Syrian pound “trading at unprecedented lows, reflecting political instability, loss of investor confidence and economic paralysis”, said Naeem Aslam, chief investment officer at Zaye Capital Markets.
“The currency’s collapse is exacerbating hyperinflation, widespread poverty and humanitarian crises while deterring foreign investment and reconstruction,” he told The National.
“To prevent further devaluation, Syria needs a stable transitional government, international financial assistance, prudent monetary policies like unified exchange rates, and diversification of its economy to reduce reliance on imports."
A political reshuffle of this amplitude will increase currency volatility in the short run, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
“The medium, long-term outlook [for the pound] depends on the country’s ability to form a strong government and to support reconstruction,” she told The National. "In the foreseeable future, restoration of oil exports could help improve the financial situation."
Scott Livermore, Oxford Economics’ chief economist for the Middle East and North Africa, stressed that it was hard to predict what lies ahead for the Syrian pound "as there is so much uncertainty".
“It seems unlikely the outlook for the currency shifts meaningfully in the near term," he said. "The political transition will likely be fraught with risks, given rival factions and sources of financing are uncertain. We really need to see how the post-Assad Syria is shaping up.”
The Syrian pound has been depreciating steadily since 2011 due to the civil war, sanctions and various political developments. The official exchange rate of the Syrian pound declined 270-fold against the US dollar between 2011 and 2023, reaching 12,562 to a dollar, the World Bank said.
Since 2020, the Syrian pound has lost more than 90 per cent of its value against the US dollar in the parallel market. In 2023 alone, the average market price of the Syrian pound recorded a 141 per cent depreciation against the US dollar. Throughout last year, the Central Bank of Syria devalued the official exchange rate several times, although it remained consistently below the prevailing market rate.
A worsening economic situation and the imposition of new US sanctions in mid-2020 that encouraged capital flight and reduced remittances have further fuelled the depreciation.
According to Vijay Valecha, chief investment officer at Century Financial, while the pound has seen “substantial depreciation” since the start of the civil war in Syria, it could regain some ground with the end of the Assad regime.
Recovery is likely, “especially as more Syrian expats are planning to return and [they] could step in to rebuild the broken economy ... therefore, the Syrian pound could appreciate once the new government takes place”, he said.
The Central Bank of Syria will have an immense task to stabilise the currency “by implementing regulatory reforms” to control liquidity within the market and prevent a spread between the black market and banks.
“Additionally, the government will need to work on diversifying the country’s income by attracting more foreign investment,” Mr Valecha said.
Before the war started, Syria’s economy relied on tourism, transit trade returns, agricultural products and earnings of Syrian expats.
“Once the new government settles, the Syrian real estate and construction sector could blossom as neighbouring countries are ready to step in and help the new government rebuild the broken infrastructure,” Mr Valecha said. “In the longer term, the Syrian government will have to work on bringing back tourists to the country, which will provide a hard currency stream income to Syria.”
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Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley
Manchester City v Chelsea, 9.30pm
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
UAE currency: the story behind the money in your pockets
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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MATCH INFO
CAF Champions League semi-finals first-leg fixtures
Tuesday:
Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
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Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
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The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
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Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
Killing of Qassem Suleimani
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Abu Dhabi Sustainability Week
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
WITHIN%20SAND
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Results
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
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Rating: 4/5
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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UAE currency: the story behind the money in your pockets
