Bloomberg News

Syria’s Inflation Rises to 40 Percent, Central Bank Governor

June 14, 2013

Syria’s inflation has accelerated to 40 percent and the economy has been hit hard by “terrorist groups” supported by the U.S. and some European countries, Central Bank Governor Adib Mayaleh said today.

Still, Syria can emerge from its economic difficulties and “we’re standing on our feet and moving forward with determination,” Mayaleh said in a phone interview from Damascus.

Mayaleh didn’t respond to a question on whether Syria was receiving financial aid from Iran and Russia, saying the two countries were “friends.”

Mayaleh blamed “terrorist groups” for destroying the country’s infrastructure with “support from the U.S., some EU countries, Saudi Arabia, Qatar and Turkey.”

Syria’s crisis began with peaceful anti-government protests that escalated into a civil war after troops loyal to Syrian President Bashar al-Assad cracked down on the demonstrators. Assad’s government says its fighting extremists.

The unrest, coupled with economic sanctions imposed by the U.S., EU and the Arab League, has stifled economic growth and dried up or severely slowed down investments, tourism and trade.

To contact the reporter on this story: Donna Abu-Nasr in Beirut at dabunasr@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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