The Syrian pound is likely to face volatility in the short term, say analysts. AP
The Syrian pound is likely to face volatility in the short term, say analysts. AP
The Syrian pound is likely to face volatility in the short term, say analysts. AP
The Syrian pound is likely to face volatility in the short term, say analysts. AP

Further Syrian currency devaluation 'can be avoided' with stable transitional government


Shweta Jain
  • English
  • Arabic

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.

A burning picture of Bashar Al Assad, ousted as president after rebels seized the capital, in Qamishli, Syria. Reuters
A burning picture of Bashar Al Assad, ousted as president after rebels seized the capital, in Qamishli, Syria. Reuters

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.”

  • A member of the Syrian opposition passes a Hama governorate sign on the Damascus to Aleppo motorway on Tuesday. EPA
    A member of the Syrian opposition passes a Hama governorate sign on the Damascus to Aleppo motorway on Tuesday. EPA
  • Signs of fighting in Hama. AP
    Signs of fighting in Hama. AP
  • Anti-government fighters in the town of Suran, between Aleppo and Hama. AFP
    Anti-government fighters in the town of Suran, between Aleppo and Hama. AFP
  • Syrian opposition fighters with a tank taken from the army in the town of Maarat Al Numan, south of Idlib. AP
    Syrian opposition fighters with a tank taken from the army in the town of Maarat Al Numan, south of Idlib. AP
  • An abandoned Syrian army tank on the outskirts of Hama. AP
    An abandoned Syrian army tank on the outskirts of Hama. AP
  • More abandoned tanks on the highway to Damascus, near the town of Suran, north of Hama. AFP
    More abandoned tanks on the highway to Damascus, near the town of Suran, north of Hama. AFP
  • Civilians escape the fighting in Suran. AP
    Civilians escape the fighting in Suran. AP
  • Anti-government fighters take possession of a Syrian army tank in Suran. AFP
    Anti-government fighters take possession of a Syrian army tank in Suran. AFP
  • Anti-government fighters on the highway to Damascus. AFP
    Anti-government fighters on the highway to Damascus. AFP
  • Civilians flee fighting in Suran. AFP
    Civilians flee fighting in Suran. AFP
  • Fighting rages in Suran. AFP
    Fighting rages in Suran. AFP
  • An aerial view of Suran. AFP
    An aerial view of Suran. AFP

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.”

At Eternity’s Gate

Director: Julian Schnabel

Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen

Three stars

UAE currency: the story behind the money in your pockets
UAE SQUAD

 

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Results

2pm: Handicap Dh 90,000 1,800m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).

2.30pm: Handicap Dh120,000 1,950m; Winner: Just A Penny, Sam Hitchcott, Doug Watson.

3pm: Handicap Dh105,000 1,600m; Winner: Native Appeal, Pat Dobbs, Doug Watson.

3.30pm: Jebel Ali Classic Conditions Dh300,000 1,400m; Winner: Thegreatcollection, Adrie de Vries, Doug Watson.

4pm: Maiden Dh75,000 1,600m; Winner: Oktalgano, Xavier Ziani, Salem bin Ghadayer.

4.30pm: Conditions Dh250,000 1,400m; Winner: Madame Ellingtina, Richard Mullen, Satish Seemar.

5pm: Maiden Dh75,000 1,600m; Winner: Mystery Land, Fabrice Veron, Helal Al Alawi.

5.30pm: Handicap Dh85,000 1,000m; Winner: Shanaghai City, Jesus Rosales, Rashed Bouresly.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A

The Book of Collateral Damage

Sinan Antoon

(Yale University Press)

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EElggo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20August%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Luma%20Makari%20and%20Mirna%20Mneimneh%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Education%20technology%20%2F%20health%20technology%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%20Four%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3C%2Fp%3E%0A
The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

SERIE A FIXTURES

Friday Sassuolo v Torino (Kick-off 10.45pm UAE)

Saturday Atalanta v Sampdoria (5pm),

Genoa v Inter Milan (8pm),

Lazio v Bologna (10.45pm)

Sunday Cagliari v Crotone (3.30pm) 

Benevento v Napoli (6pm) 

Parma v Spezia (6pm)

 Fiorentina v Udinese (9pm)

Juventus v Hellas Verona (11.45pm)

Monday AC Milan v AS Roma (11.45pm)

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
AndhaDhun

Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5

The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net

ON%20TRACK
%3Cp%3EThe%20Dubai%20Metaverse%20Assembly%20will%20host%20three%20main%20tracks%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducate%3A%3C%2Fstrong%3E%20Consists%20of%20more%20than%2010%20in-depth%20sessions%20on%20the%20metaverse%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInspire%3A%3C%2Fstrong%3E%20Will%20showcase%20use%20cases%20of%20the%20metaverse%20in%20tourism%2C%20logistics%2C%20retail%2C%20education%20and%20health%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EContribute%3A%3C%2Fstrong%3E%20Workshops%20for%20metaverse%20foresight%20and%20use-case%20reviews%3C%2Fp%3E%0A
Section 375

Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat

Director: Ajay Bahl

Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL

Rating: 3.5/5

DUBAI WORLD CUP CARNIVAL CARD

6.30pm Handicap US$135,000 (Turf) 2,410m

7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m

7.40pm Dubai Dash Listed $175,000 (T) 1,000m

8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m

8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m

9.25pm Handicap $135,000 (D) 2,000m

 

The National selections

6.30pm: Gifts Of Gold

7.05pm Final Song

7.40pm Equilateral

8.15pm Dark Of Night

8.50pm Mythical Magic

9.25pm Franz Kafka

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Wydad 2 Urawa 3

Wydad Nahiri 21’, Hajhouj 90'

Urawa Antonio 18’, 60’, Kashiwagi 26’

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Sideup%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202019%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Waleed%20Rashed%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%2C%20Egypt%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%2C%20e-commerce%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%241.2%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Launch%20Africa%20VC%2C%20500%20Global%2C%20Riyadh%20Angels%2C%20Alex%20Angels%2C%20Al%20Tuwaijri%20Fund%20and%20Saudi%20angel%20investor%20Faisal%20Al%20Abdulsalam%3C%2Fp%3E%0A
PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

SPECS%3A%20Polestar%203
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ELong-range%20dual%20motor%20with%20400V%20battery%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E360kW%20%2F%20483bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E840Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%3C%2Fstrong%3E%20628km%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%204.7sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh360%2C000%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3Cbr%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Updated: December 09, 2024, 12:14 PM