26 Tons of Gold in Syrian Central Bank Vaults Await New Fate

26 Tons of Gold in Syrian Central Bank Vaults Await New Fate
Maintaining Complete Gold Reserves Since 2011 Reveals Previous Regime's Strategy in Sparing Gold from Escalating Economic Crisis Impact
December 16, 2024, 10:04 pm

الذهب \ تعبيرية

Informed sources revealed Syrian Central Bank maintains 26-ton gold reserve, matching 2011 conflict outbreak level, even after Bashar al-Assad regime's fall.

Same sources highlighted Central Bank's low foreign currency reserves, while Syrian pound recorded at least 20% rise against dollar past two days, influenced by Syrians' influx from Lebanon and Jordan and foreign currency trading restrictions removal.

Damascus money changers reported exchange rates between 10,000-12,500 pounds per dollar last Saturday, marking 20-50% difference from previous 15,000 pound rate, amid sharp market fluctuations.

Traders attributed improvement to thousands of displaced Syrians returning from abroad, liberating dollar and Turkish lira market trading, after foreign currency use in daily transactions previously risked imprisonment.

Syria faces crushing economic crisis, with deteriorating oil, manufacturing, tourism sectors, while large population segment depends on crumbling public sector, with monthly wages averaging about 300,000 Syrian pounds.

New Syrian government, formed after ending Assad family's five-decade rule, pledged raising wages and prioritizing service improvements, while Central Bank statement emphasized Syrian pound remaining only officially permitted currency.

Experts expect continued inflation rate increase during 2024, affected by currency value decline, basic goods shortage, possible additional food and fuel support reduction, while wide Syrian families segment depends on overseas children's remittances.

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