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Experts warn of potential consequences as Syrian Central Bank increases customs dollar by 34%

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The Central Bank of Syria, in its customs and aviation bulletin, changed the price of the dollar (customs) to be £6,500 instead of £4,000 for a 34 percent increase.

The Central Bank in its penultimate bulletin (Customs and Aviation) set the price of the dollar at 4 thousand pounds sterling and indicated the validity period from the 1st to the 15th of this month, but from yesterday, May 9, 2023, changed (raised) the price of the dollar in the bulletin, which caused a state of fear of a new wave of price increases, on the threshold of which we are, in parallel with the introduction of the bulletin.

For his part, expert Ayman Dayub from the Faculty of Economics warned in statements to Al-Watan that the change in the dollar (customs) bill represents a new episode of inflation in the Syrian business cycle and will have a direct impact on prices as import costs have risen. and consequently, the prices of imported materials and goods have risen along with them. Local market, so that the price increase is minimal, corresponding to an increase in the customs value of imported materials.

And Diop pointed out that the rationale for the increase is unclear, especially since most recent trends have been aimed at containing the state of inflation and achieving a near-stable exchange rate, which could help mitigate the expected inflationary situation.

Source: at home

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