A new Syrian prime minister appointed by Bashar Al Assad has pledged to reverse “unjustified” fall in the Syrian pound which is hitting livelihoods in regime areas.
The announcement by Hussein Arnous comes ahead of toughened US penalties against the regime, in the Caesar Act, which are due to come into effect this week.
A sharp weakening in the Syrian pound partly contributed to demonstrations denouncing five decades of Assad family rule, breaking out last Sunday in the mostly Druze province of Suweida, and which the authorities consider to be loyalist.
The official news agency said Mr Arnous pledged after a cabinet meeting on Saturday “to take all necessary measures to restore the exchange rate”, describing sharp fall this month as “unjustified volatility”.
The pound is trading at 2,275 pounds to the US dollar, data by currency monitor The Syrian Pound Today showed.
The current rate is a sharp improvement from the 3,000 pounds to the dollar when the demonstrations started in Suweida a week ago.
The authorities will “continue to pressure the market and boost supervision of money exchange companies,” the agency said.
It said the government will support steps by the central bank to encourage people to use official channels to send hard currency into regime areas, under which dollars would have to be converted to Syrian pounds at a rate determined by the authorities, not the market.
A Syrian businessman attributed the improvement in the exchange rate to business people in Damascus pumping dollars in the market upon the request of the regime.
He said restrictions have been also eased on receiving remittances after people were discouraged from transferring dollars in regime areas.
The official exchange rate for remittances has been altered to largely resemble the market rate, he said.
"These steps do not improve the economic fundamentals and do not mean that the improvement in the exchange rate will be sustained," the businessman told The National from Dubai.
Regional bankers say sharp fall in the value of the pound earlier this month are related to the drying up of the dollar supply from Lebanon after a financial crisis that hit Lebanon in October-November last year deepened.
They say a tougher US stance against the regime also dampened expectations of any international reconstruction assistance. The pound was trading at about 50 to the dollar on the eve of the Syrian revolt in March 2011.
The Caesar Act is due to come into effect on Wednesday. It specifically targets individuals and companies whose ties with the Syrian regime are deemed perpetuating its human rights violations.
Images taken by a photographer, who defected from the Assad military, and is codenamed Caesar, prompted the legislation.
International human rights organisations say the photos, which were made public in 2014, constitute evidence of the killing of thousands of political prisoners in the regime’s jails.
The new Syrian prime minister, a Sunni, was appointed on Thursday. His position is powerless, with all real power held by Mr Assad and an inner circle who belong to Mr Assad’s Alawite sect.
Another demonstration demanding the removal of Mr Assad took place in Suweida on Saturday, similar to the previous protests, was marked by the participation of women.
Regime forces have largely stayed away from the demonstrators in Suweida.
The mostly hands-off approach so far by the regime towards Suweida is partly due to the nature of the heavily armed society in the province and a balance of power between Hezbollah and Russia, who back different local actors.
The Freedom Artist
By Ben Okri (Head of Zeus)
WWE Super ShowDown results
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Results:
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Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EYodawy%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EKarim%20Khashaba%2C%20Sherief%20El-Feky%20and%20Yasser%20AbdelGawad%3Cstrong%3E%3Cbr%3ESector%3A%20%3C%2Fstrong%3EHealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%2424.5%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAlgebra%20Ventures%2C%20Global%20Ventures%2C%20MEVP%20and%20Delivery%20Hero%20Ventures%2C%20among%20others%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20500%3Cbr%3E%3C%2Fp%3E%0A
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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2021 World Triathlon Championship Series
May 15: Yokohama, Japan
June 5: Leeds, UK
June 24: Montreal, Canada
July 10: Hamburg, Germany
Aug 17-22: Edmonton, Canada (World Triathlon Championship Final)
Nov 5-6 : Abu Dhabi, UAE
Date TBC: Chengdu, China
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Race card
5pm: Maiden (PA) Dh80,000 1,600m
5.30pm: Maiden (PA) Dh80,000 1,600m
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m
6.30pm: Liwa Oaisi Group 2 (PA) Dh300,000 1,400m
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
7.30pm: Handicap (TB) Dh100,000 1,600m
The National selections: 5pm: Flit Al Maury, 5.30pm: Sadah, 6pm: RB Seqondtonone, 6.30pm: RB Money To Burn, 7pm: SS Jalmood, 7.30pm: Dalaalaat
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
