DOCSLIB.ORG

How Do Currencies Reflect the Arab Region's Dynamics?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
How Do Currencies Reflect the Arab Region's Dynamics? Artical Name : Mere Reflection Artical Subject : How do Currencies Reflect the Arab Region¶s Dynamics? Publish Date: 25/01/2018 Auther Name: Future for Advanced Research and Studies Subject : Currencies, whether paper or coins, real or virtual, digital or any other form, reflect the ongoing interactions in the Middle East region, as many developments demonstrate. The most striking events that demonstrated the dynamics of economic currencies within and among the Arab States are as follows: Gulf transactions 1- Boosting the efficiency of cross-border transactions between states: ³The United Arab Emirates is working with Saudi Arabia¶s central bank to issue a digital currency that would be accepted in cross-border transactions between the two countries´The UAE central bank governor Mubarak Rashed al-Mansouri stated on December 13, 2017. According to that approach, ³digital currency would be used among banks, not by individual consumers, through a better understanding of blockchain´Saudi liquidity2- Allocation of financial deposits to prop up the national currency in another state: Saudi Arabia deposited $ 2 billion in Yemen central bank, on January 17, after a sharp decline in the exchange rate of the Yemeni rial over the past period, after the Houthi militia took over government institutions¶revenues, including sale of petroleum products, collecting the due amounts in Yemeni rial, manipulating the currency exchange rate, tampering with sovereign fund balances and civil and military retiree funds, and seizure of exchange companies.The central bank of Yemen said in a statement that the ³Saudi deposit will provide Yemen with real opportunities to fulfill the commitments and overcome the problem resulting from the depletion of foriegn reserves by the Houthi militia after seizing the capital, Sana'a, and causing severe damage to the banking sector´³The Saudi deposit came in response to the need of the Yemeni economy to open up new horizons to improve its ability to match supply and demand for foreign exchange, and to improve the overall balance of payments´the statement added. Expanding the Egyptian foreign exchange market 3- Expanding foreign exchange companies: In mid-2017, several Egyptian government banks began to expand into the foreign exchange market after the decision of the central bank to float the exchange rate of the Egyptian pound.In this context, the vice president of the National Bank of Egypt (NBE) Yahya Abul Fotouh, said in a press release on September 16, that the ³bank opened two branches in Cairo last August, and plans to open 13 new branches over the next six months in Cairo, Asyut and Mansoura, among other governorates. The bank plans to establish 30 branches until mid- 2019. The objective of Al-Ahli Exchange Company is to improve the performance of the exchange market and to have more flexibility in dealing with individuals throughout the day and on holidays´Morocco¶s gradual floating 4- Maintaining export competitiveness: The central bank, known as Bank al-Maghrib, introduced a more flexible currency exchange rate system for the dirham, beginning January 16, as part of reforms recommended by the International Monetary Fund (IMF). The Moroccan dirham is, to a large extent, pegged to the euro. As part of the recent reforms, Bank al-Maghrib reduced the relative weight of euro in the exchange rate to 60% instead of 80%, and raised the relative weight of dollar from 20% to 40%, to maintain export competitiveness and protect Morocco¶s hard currency reserves.In a recent statement, the government of Saad Eddine El Othmani said: ³The gradual floating of dirham aims at strengthening the resilience of the national economy to external shocks, supporting its competitiveness and improving its development. It will also enable it to cope with the structural transformations that the Moroccan economy has gone through over recent years, particularly on the level of diversification, opening up and integration into the world economy´Tunisia¶s spark5- Renewed cycle of violent protests as seen in several Tunisian cities over the past few weeks, coinciding with the seventh anniversary of the revolution that toppled Zine al-Abidine Ben Ali's regime. The protests erupted against the backdrop of a complex crisis facing the country due to the decline in growth rates, budget deficit, worsening external debt compared to the gross domestic product, falling hard currency reserves, soaring inflation, increasing poverty and unemployment rates. The Tunisian government needs to take decisions and pursue policies to introduce structural reforms to avert the ³Greek scenario´Algerian drain6- Reducing the erosion of financial savings: At the end of 2017, conditions in Algeria eroded the savings of Algeria¶s Revenue Regulation Fund (a financial institution established in 2002 by President Abdelaziz Bouteflika, with the aim of saving the difference of the surplus between the price of crude oil sales and the price approved in the general budget law for each year) which has served, over a decade and half, as a safety net to finance the budget deficit and balance of payments. Therefore, the prospects for 2018 point mostly to increasing inflation and declining purchasing power of broad sectors of society, amid government moves to print money to finance the budget deficit.After 232 votes in approval of the amendments out of the 460 MPs, the government amended, in early October 2017, the Money and Credit Law which regulates the banking system, in order to adopt non-traditional financing that allows public treasury to borrow directly from the central bank and print more banknotes (dinar). The aim of this approach, according to various statements by the Algerian Minister of Finance (Treasury) Abderrahmane Raouia, is to avoid resorting to external debt, heal from the Black Decade of the 1990s, and bridge the oil shock gap.Libyan split7- Issuance of special coins as was the case with the authorities in eastern Libya, coins were made in Russia and arrived in Benghazi through the port of Benghazi, which was opened after three years of closure due to infighting between armed factions, and the currency went into circulation starting from 2 November 2017. This measure reflects the reality of the two rival governments, one in Tripoli in the east and the other in Tobruk in the West, as well as two parliaments and two central banks, each supported by armed groups. These currencies have been introduced to overcome cash shortages.Al-Assad regime's recovery8- Easing pressure on fractured regimes: This is particularly true 9/30/2021 7:14:11 PM 1 / 2 in al-Assad regime in Syria, with the central bank of Syria offering a new 2,000-lira banknote that went on circulation on July 2, 2017, in various towns and villages under the control of the regular Syrian army. The new banknote has the largest value among Syrian banknotes. At a press conference held in Damascus on July 2, the governor of the central bank, Duraid Durgham, said that ³In view of the increased wear and tear of banknotes currently in circulation, the bank found that the time was right to put the 2,000 lira in circulation, which enjoys high security features, difficult to falsify or counterfeit, and easy to differentiate´This comes six years after the outbreak of armed conflict, devaluing lira more than tenfold against the currency basket. The currency has plunged in value from 46 Liras to the dollar in 2011 to 537 to the dollar in 2017, according to Syria¶s central Bank.Syrian armed opposition institutions have refrained from using the new banknote, citing fears that the Assad regime aimed to withdraw foreign currencies such as the US dollar and the Turkish lira from areas under the opposition forces and use them to cover part of the accumulated financial burden due to the long years of war. District councils in the areas under the control of the armed opposition forces have also banned trading in the new banknote, chiefly the local council of Akhtarin in the northern Rif Aleppo, which imposed a one-year prison sentence on any person to use this new banknote.Putting the brakes on 'federalism'9- Suspending financial transactions with secessionist regions: On 3 October 2017, the Central Bank of Iraq informed Kurdistan Regional Government that it would stop selling dollars to the four Kurdish banks and stop all foreign currency transfers to them. These threats came in the aftermath of the air embargo imposed on direct international flights to Kurdistan. The looming suspension of financial transactions with Iraqi Kurdistan may explain the financial liquidity crisis that may face Arbil if it does not bow to regional pressures, from Iraq, Iran and Turkey.Opposition under siege10- Drying up the sources of funds for political opposition figures: It is the policy espoused by the Qatari government against some opposition figures abroad, such as Sheikh Abdullah bin Ali al-Thani, because of his mediation with Riyadh to open the Saudi border to Qatari pilgrims and King Salman bin Abdul Aziz¶s allocation of planes to transport them, as well as replacing the Qatari currency with the Saudi riyal. Commenting on the incident, Sheikh Abdullah tweeted on the evening of October 14, 2017, saying that ³The Qatari regime has honored me by freezing all my bank accounts´Doha unmasked11- Isolating countries with suspicious bank transactions: Global banks exercise caution with Doha¶s financial transactions following actions taken by the anti-terrorism quartet since June 5, 2017. Although this concerns Doha¶s support for terrorist groups
Load more

Recommended publications
  • Syria and Repealing Decision 2011/782/CFSP
    30.11.2012 EN Official Journal of the European Union L 330/21 DECISIONS COUNCIL DECISION 2012/739/CFSP of 29 November 2012 concerning restrictive measures against Syria and repealing Decision 2011/782/CFSP THE COUNCIL OF THE EUROPEAN UNION, internal repression or for the manufacture and maintenance of products which could be used for internal repression, to Syria by nationals of Member States or from the territories of Having regard to the Treaty on European Union, and in Member States or using their flag vessels or aircraft, shall be particular Article 29 thereof, prohibited, whether originating or not in their territories. Whereas: The Union shall take the necessary measures in order to determine the relevant items to be covered by this paragraph. (1) On 1 December 2011, the Council adopted Decision 2011/782/CFSP concerning restrictive measures against Syria ( 1 ). 3. It shall be prohibited to: (2) On the basis of a review of Decision 2011/782/CFSP, the (a) provide, directly or indirectly, technical assistance, brokering Council has concluded that the restrictive measures services or other services related to the items referred to in should be renewed until 1 March 2013. paragraphs 1 and 2 or related to the provision, manu­ facture, maintenance and use of such items, to any natural or legal person, entity or body in, or for use in, (3) Furthermore, it is necessary to update the list of persons Syria; and entities subject to restrictive measures as set out in Annex I to Decision 2011/782/CFSP. (b) provide, directly or indirectly, financing or financial assistance related to the items referred to in paragraphs 1 (4) For the sake of clarity, the measures imposed under and 2, including in particular grants, loans and export credit Decision 2011/273/CFSP should be integrated into a insurance, as well as insurance and reinsurance, for any sale, single legal instrument.
    [Show full text]
  • How Over-Compliance Limits Humanitarian Work on Syria Challenges of Fund Transfer for Non-Profit Organizations Working on Syria
    Invisible Sanctions: How over-compliance limits humanitarian work on Syria Challenges of Fund Transfer for Non-Profit Organizations Working on Syria 1 Invisible Sanctions: How over-compliance limits humanitarian work on Syria Challenges of Fund Transfer for Non-Profit Organizations Working on Syria Principal Researcher: Dr. Joseph Daher Review and editing: Dr. Erica Moret IMPACT - Civil Society Research and Development e.V. Principal Researcher: Dr. Joseph Daher Review and editing: Dr. Erica Moret Graphic Design: Tammam Al-Omar Published by: IMPACT - Civil Society Research and Development e.V Keithstraße 10 , 10787 Berlin Not for Sale. IMPACT e.V - ©2020 All rights reserved, no part of this publication can be printed, reissued or used in any shape or form without the publisher’s prior written consent. The views and opinions expressed in this report are the authors’ own and do not necessarily reflect those of IMPACT e.V . Despite going to great lengths to verify the authenticity of the information contained in this report, IMPACT e.V cannot guarantee their total impartiality. Table of Contents Acknowledgement ................................................................................................................................... 2 Executive summary and Main Findings of the Research ............................................................................ 3 Added value to the literature ................................................................................................................... 4 Recommendations ..................................................................................................................................
    [Show full text]
  • COUNCIL DECISION 2013/255/CFSP of 31 May 2013 Concerning Restrictive Measures Against Syria
    L 147/14 EN Official Journal of the European Union 1.6.2013 COUNCIL DECISION 2013/255/CFSP of 31 May 2013 concerning restrictive measures against Syria THE COUNCIL OF THE EUROPEAN UNION, products which could be used for internal repression, to Syria by nationals of Member States or from the territories of Having regard to the Treaty on European Union, and in Member States or using their flag vessels or aircraft, shall be particular Article 29 thereof, prohibited, whether originating or not in their territories. Whereas: The Union shall take the necessary measures in order to (1) On 27 May 2013, the Council agreed to adopt for a determine the relevant items to be covered by this paragraph. period of 12 months restrictive measures against Syria in the following fields, as specified in Council Decision 2012/739/CFSP of 29 November 2012 concerning 2. It shall be prohibited to: restrictive measures against Syria ( 1): — export and import restrictions with the exception of arms and related material and equipment which (a) provide, directly or indirectly, technical assistance, brokering might be used for internal repression; services or other services related to the items referred to in paragraph 1 or related to the provision, manufacture, main­ — restrictions on financing of certain enterprises; tenance and use of such items, to any natural or legal person, entity or body in, or for use in, Syria; — restrictions on infrastructure projects; — restrictions of financial support for trade; (b) provide, directly or indirectly, financing or financial assistance related to the items referred to in paragraph 1, — financial sector; including in particular grants, loans and export credit insurance, as well as insurance and reinsurance, for any — transport sector; sale, supply, transfer or export of such items, or for the provision of related technical assistance, brokering services or other services to any natural or legal person, entity or — restrictions on admission; body in, or for use in, Syria.
    [Show full text]
  • Legislative Decree No. 33 the President of the Republic, Acting in Accordance with the Provisions of the Constitution, Hereby Decrees the Following
    Legislative Decree No. 33 The President of the Republic, Acting in accordance with the provisions of the Constitution, Hereby decrees the following: Article 1 The following terms and expressions shall have, in the application of the present legislative decree, the respective meanings indicated below: A. Money-laundering: any comportment intended to conceal or alter the identity of funds having a connection with unlawful operations by disguising their origins so that they appear to have originated in lawful operations; B. Funds: assets of all types, whether tangible or intangible, movable or immovable, regardless of their manner of acquisition, and legal instruments or documents, whatever their form, including electronic and digital, constituting evidence of a right of ownership in such assets or a share therein, and everything arising from such ownership and any right connected therewith, including, by way of example and without limitation, national currency, foreign currencies, banking facilities, travellers cheques, bank cheques, money orders, shares, securities, bonds, documentary credits, drafts and bills of exchange; C. Illegal funds: funds obtained or resulting from the perpetration of any of the following offences, whether occurring in the territory of the Syrian Arab Republic or abroad: 1. The growing, manufacturing, smuggling or transporting of, or illegal trafficking in, narcotic drugs or psychotropic substances; 2. Acts committed by criminal associations, as provided in articles 325 and 326 of the Penal Code, and all offences internationally considered as constituting organized crime; 3. Terrorist offences, as provided in articles 304 and 305 of the Penal Code or in the international, regional or bilateral agreements to which Syria is a party; 4.
    [Show full text]
  • List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
    NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution.
    [Show full text]
  • Tax Relief Country: Italy Security: Intesa Sanpaolo S.P.A
    Important Notice The Depository Trust Company B #: 15497-21 Date: August 24, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief Country: Italy Security: Intesa Sanpaolo S.p.A. CUSIPs: 46115HAU1 Subject: Record Date: 9/2/2021 Payable Date: 9/17/2021 CA Web Instruction Deadline: 9/16/2021 8:00 PM (E.T.) Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo before certifying their instructions over CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo over the CA Web. ***Please read this Important Notice fully to ensure that the self-certification document is sent to the agent by the indicated deadline*** Questions regarding this Important Notice may be directed to Acupay at +1 212-422-1222. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages.
    [Show full text]
  • Feasibility Study to Develop New Options for Private Sector Investment Financing in the Syrian Arab Republic
    Final Report Feasibility Study to develop new options for private sector investment financing in the Syrian Arab Republic EIB Final Report October 2005 - March 2006 Prepared by: Richard Crayne Bruce Harrison Rauf Khalaf Edward Owen With contributions from: Fatma Dirkes, Senior Project Manager, BAI Willemien Libois, Project Manager, BAI Raed Karawani, Legal Consultant Fahed El-Mohamad, Local Expert Bankakademie Damascus Office Bankakademie International Malki, Abdel Mounem Riad Street Sonnemannstr. 9-11 Kouatly Building No. 5 60314 Frankfurt am Main Damascus Germany Syria Phone: +49-69-154008-619 Tel: +693-11-3716332 Fax: +49-69-154008-670 Final Report With further contributions from: Syrian Government: Dr. Abdullah Dardari Deputy Prime Minister, Economic Prime Minister's Office Affairs Nabil Barakat Deputy Head Prime Minister Office SPC Nader Al-Sheikh Ali Director General of International Prime Minister Office SPC Cooperation Marwin Attar Consultant Prime Minister Office SPC Dr. Ghassen Al Habash Deputy Minister Ministry of Economy & Trade Dr. Amir Al Attar Director, Banking Affairs & Insurance Ministry of Economy & Trade Abd Al Razak Abd Al Maged Director, Interior Commerce Ministry of Economy & Trade Ibrahim Ibrahim Manager, Companies Registration Ministry of Economy & Trade Dr. Mohammad Al-Hussein Minister Ministry of Finance Dr. Mohammed Hamandoush Deputy Minister, Public Expenditure Ministry of Finance, CMC1 Mrs. Basmah Hafez Manager Banks & Insurance Ministry of Finance Farouk Ayash Senior Banking Advisor Ministry of Finance Marouf Al Hafez Public Debt Fund Ministry of Finance Omar Al Elabi Public Enterprises Ministry of Finance Nizar Shurbaje Department Revenue Ministry of Finance Mohee Deen Habeeb Treasury Ministry of Finance Jamal Medelgi Income Tax Ministry of Finance Dr.
    [Show full text]
  • Syriaeconomicreport
    SyriaEconomicReport SYRIA’S MACROECONOMIC PROGRESS NOT TO OVERSHADOW ITS DRASTIC REFORM REQUIREMENTS u The Syrian economy is currently witnessing an improvement in output performance, though still far below the prevailing potential of the economy. According to the International Monetary Fund (IMF), Syria’s real GDP growth rate has reported close to 3% in 2005 (4.5% according to official Syrian estimate). It is worth recalling that the Syrian economy had reported an average real GDP growth of 1.8% per annum, according to the same figures, over the period extending from 1999 to 2004. Non-oil GDP growth may have risen to about 5.5% in 2005, from 5% in 2004 according to the IMF, mainly driven by business investment, household consumption and non-oil exports. Despite the relative improvement in economic conditions, Syria’s September private demand continues to suffer from the lack of adequate financing, restricting its leverage effect on growth, and from a below potential private consumption and investment component in view of prevailing uncertainties. u Over the past year, the Syrian economy has benefited from rising oil prices and a regional post-Iraq war boom translating into 2006 larger inflows emanating from workers remittances, tourist receipts and foreign investment activity. However, the widening political uncertainties and the drastic reform requirements, despite the progress recently reported, continued to dampen growth performance. Oil dependence is also a significant concern as oil production is on a declining trend. According to the IMF, Syria will become a net oil importer within four to six years, with oil supplies likely to be exhausted in a couple of decades.
    [Show full text]
  • Classification of Accounts Guide Last Updated – January 2018
    Classification of Accounts Guide Last updated – January 2018 Contents Part I: General introduction Part II: Residence Part III: Sector categories Part IV.1 – IV.2: Industrial classification Part IV.3: Relationship between sector and industrial classifications Part V.1: Sector components (ESA 10) and sub components Part V.2: List of countries 1 Part I Classification of Accounts Guide – General Introduction I.1 Foreword This guide is intended for all institutions completing a range of Bank of England statistical returns. It describes the two most important systems of classification used in compiling economic and financial statistics in the United Kingdom – the economic sector classification, and the industrial classification. This guide is intended to serve both as an introduction for newcomers and as a source of reference. The nomenclature in the sector classification is in line with international standards – in particular, the European System of National and Regional Accounts (abbreviated to ‘ESA10’). In addition, the analysis of industrial activity is in line with the 2007 standard industrial classification of economic activities (SIC) introduced by the Office for National Statistics. Those without knowledge of accounts classification are recommended to refer to the ‘Guide to Classification’ (Part I Section 3) which takes the reader through the main questions to be answered to help classify accounts correctly. The system of classification used in this guide is solely for statistical purposes. Parts II to IV of the guide describe the main aspects of the classification system in more detail, including lists of examples of institutions, or a web link reference, for many categories. I.2 An introduction to the classification of accounts Sector and industrial classification To understand the underlying behaviour which is reflected in movements in economic and financial statistics, it is necessary to group those entities engaged in financial transactions into broad sectors with similar characteristics.
    [Show full text]
  • Syria, April 2005
    Library of Congress – Federal Research Division Country Profile: Syria, April 2005 COUNTRY PROFILE: SYRIA April 2005 COUNTRY Formal Name: Syrian Arab Republic (Al Jumhuriyah al Arabiyah as Suriyah). Short Form: Syria. Term for Citizen(s): Syrian(s). Capital: Damascus (population estimated at 5 million in 2004). Other Major Cities: Aleppo (4.5 million), Homs (1.8 million), Hamah (1.6 million), Al Hasakah (1.3 million), Idlib (1.2 million), and Latakia (1 million). Independence: Syrians celebrate their independence on April 17, known as Evacuation Day, in commemoration of the departure of French forces in 1946. Public Holidays: Public holidays observed in Syria include New Year’s Day (January 1); Revolution Day (March 8); Evacuation Day (April 17); Egypt’s Revolution Day (July 23); Union of Syria, Egypt, and Libya (September 1); Martyrs’ Day, to commemorate the public hanging of 21 dissidents in 1916 (May 6); the beginning of the 1973 October War (October 6); National Day (November 16); and Christmas Day (December 25). Religious feasts with movable dates include Eid al Adha, the Feast of the Sacrifice; Muharram, the Islamic New Year; Greek Orthodox Easter; Mouloud/Yum an Nabi, celebration of the birth of Muhammad; Leilat al Meiraj, Ascension of Muhammad; and Eid al Fitr, the end of Ramadan. In 2005 movable holidays will be celebrated as follows: Eid al Adha, January 21; Muharram, February 10; Greek Orthodox Easter, April 29–May 2; Mouloud, April 21; Leilat al Meiraj, September 2; and Eid al Fitr, November 4. Flag: The Syrian flag consists of three equal horizontal stripes of red, white, and black with two small green, five-pointed stars in the middle of the white stripe.
    [Show full text]
  • WFP Syria Country Brief March 2021
    WFP Syria In Numbers Country Brief 56,122 mt of food assistance delivered March 2021 US$ 1.7 m in cash-based transfers made US$ 466.6 m 6-month net funding requirement (April 2021 – September 2021, as of 26 March 2021) 4.9 m people assisted in March 2021 (based on dispatches) 55% 45% Operational Context Operational Updates The conflict in Syria is taking a devastating toll on the lives of • In March, WFP delivered food and nutrition the Syrian people. As of August 2020, some 6.7 million assistance to 4.9 million people across its General Syrians are internally displaced and 5.6 million are registered Food Assistance (GFA), School Feeding, Nutrition, as refugees outside of the country. and Livelihoods, Resilience and Social Safety Nets- Since late 2019, the humanitarian situation has deteriorated activities in Syria. to levels not previously seen in the country’s recent history: Protracted displacement, soaring food and fuel prices, • WFP dispatched GFA to some 4.8 million people stagnant salaries, loss of livelihoods and reduced food across all 14 Syrian governorates. Of this, 28 production have led to widespread food insecurity. As of percent was delivered through the cross-border early 2021, 12.4 million people are food insecure in Syria; the highest number ever recorded. operation from Turkey to areas of Idlib and Since 2011, WFP has been providing food, nutrition and western rural Aleppo governorates not accessible livelihoods assistance to crisis-affected Syrian families in the from inside Syria. country. WFP has been active in Syria since 1964. Currently, • The economic situation in Syria continued to WFP is implementing its activities under the 2019-2021 Interim Country Strategic Plan (ICSP).
    [Show full text]
  • 434330Wp0syria10box0327368
    43433 Public Disclosure Authorized Public Disclosure Authorized Policy and Regulatory Framework for Microfinance in Syria Public Disclosure Authorized January 2008 Public Disclosure Authorized Policy and Regulatory Framework for Microfinance in Syria i Contents Executive Summary vii Chapter One Changes and Reform in Syria’s Financial Sector 1 A THE GENERAL ECONOMY................................................................................................................. 1 B. FINANCIAL SECTOR OVERVIEW ...................................................................................................... 2 The Central Bank.................................................................................................................................. 3 Interest Rates ....................................................................................................................................... 4 Distribution of Credit............................................................................................................................. 5 C. FINANCIAL SECTOR PROVIDERS .................................................................................................... 8 State-owned Banks .............................................................................................................................. 8 The Commercial Bank of Syria............................................................................................................. 8 Specialized Banks ...............................................................................................................................
    [Show full text]