DAMASCUS: Seated on the pavement outside a bank in central Damascus, Abu Fares’s face is worn with exhaustion as he waits to collect a small portion of his pension.
“I’ve been here for four hours and I haven’t so much as touched my pension,” said the 77-year-old, who did not wish to give his full name.
“The cash dispensers are under-stocked and the queues are long,” he continued.
Since the overthrow of president Bashar Assad last December, Syria has been struggling to emerge from the wake of nearly 14 years of civil war, and its banking sector is no exception.
Decades of punishing sanctions imposed on the Assad dynasty – which the new authorities are seeking to have lifted – have left about 90 percent of Syrians under the poverty line, according to the United Nations.
The liquidity crisis has forced authorities to drastically limit cash withdrawals, leaving much of the population struggling to make ends meet.
Prior to his ousting, Assad’s key ally Russia held a monopoly on printing banknotes. The new authorities have only announced once that they have received a shipment of banknotes from Moscow since Assad’s overthrow.
In a country with about 1.25 million public sector employees, civil servants must queue at one of two state banks or affiliated ATMs to make withdrawals, capped at about 200,000 Syrian pounds, the equivalent on the black market of $20 per day.
In some cases, they have to take a day off just to wait for the cash.
“There are sick people, elderly... we can’t continue like this,” said Abu Fares.
“There is a clear lack of cash, and for that reason we deactivate the ATMs at the end of the workday,” an employee at a private bank said, preferring not to give her name.
A haphazard queue of about 300 people stretches outside the Commercial Bank of Syria. Some are sitting on the ground.
Afraa Jumaa, a civil servant, said she spends most of the money she withdraws on the travel fare to get to and from the bank.
“The conditions are difficult and we need to withdraw our salaries as quickly as possible,” said the 43-year-old.
“It’s not acceptable that we have to spend days to withdraw meagre sums.”
The local currency has plunged in value since the civil war erupted in 2011, prior to which the dollar was valued at 50 pounds.
Economist Georges Khouzam explained that foreign exchange vendors – whose work was outlawed under Assad – “deliberately reduced cash flows in Syrian pounds to provoke rapid fluctuations in the market and turn a profit.”
Muntaha Abbas, a 37-year-old civil servant, had to return three times to withdraw her entire salary of 500,000 pounds.
“There are a lot of ATMs in Damascus, but very few of them work,” she said.
After a five-hour wait, she was finally able to withdraw 200,000 pounds.
“Queues and more queues... our lives have become a series of queues,” she lamented.
Cash crunch leaves Syrians queueing for hours to collect salaries
https://arab.news/ccfkw
Cash crunch leaves Syrians queueing for hours to collect salaries
- Syria has been struggling to emerge from the wake of nearly 14 years of civil war, and its banking sector is no exception
- The liquidity crisis has forced authorities to drastically limit cash withdrawals, leaving much of the population struggling to make ends meet
Iran launches missiles at Israel as attacks in Middle East commence for a sixth day
- IRGC: Strikes against Iran would result in “the complete destruction of the region’s military and economic infrastructure”
- Drones and missiles intercepted in different countries, including Turkiye and Saudi Arabia, after IRGC warning
DUBAI: Iran launched missiles at Israel early Thursday as aerial attacks in the Middle East commenced for a sixth day after an American submarine sank an Iranian warship and Iran threatened the destruction of military and economic infrastructure across the region.
Israel announced the incoming attack shortly after its military said it had begun new strikes in Lebanon targeting the Iranian-backed Hezbollah militant group in Beirut’s southern suburbs.
The fighting continued after the US and Israel intensified their bombardment Wednesday of Iran’s security forces and other symbols of power.
The tempo of the strikes on Iran was so intense that state television announced the mourning ceremony for Iranian Supreme Leader Ayatollah Ali Khamenei, who was killed at the start of the conflict, would be postponed. Millions attended the funeral of his predecessor, Ayatollah Ruhollah Khomeini, in 1989.
The US and Israel launched the war Saturday, targeting Iran’s leadership, missile arsenal and nuclear program while suggesting that toppling the government is a goal. But the exact aims and timelines have repeatedly shifted, signaling an open-ended conflict.
President Donald Trump praised the US military Wednesday for “doing very well on the war front, to put it mildly.” Fellow Republicans in the US Senate stood with Trump on Iran as they voted down a resolution seeking to halt the war.
Iran fired on Bahrain, Kuwait and Israel as the conflict spiraled. Turkiye said NATO defenses intercepted a ballistic missile launched from Iran before it entered Turkiye’s airspace.
The war has killed more than 1,000 people in Iran, more than 70 in Lebanon and around a dozen in Israel, according to officials in those countries. It has disrupted the supply of the world’s oil and gas, snarled international shipping and stranded hundreds of thousands of travelers in the Middle East.
Buildings of Iranian military and security forces targeted
US Defense Secretary Pete Hegseth said a torpedo from an American submarine sank an Iranian warship Tuesday night in the Indian Ocean.
Sri Lankan authorities said 32 people were rescued from the ship, while the country’s navy said it recovered 87 bodies.
Israel said it hit buildings associated with Iran’s Basij, the all-volunteer force of the paramilitary Revolutionary Guard whose bloody crackdown on protesters in January left thousands dead.
The Israeli military hit buildings associated with Iran’s internal security command. Israel and the US have said they want to see Iranians overthrow the country’s theocracy, and strikes against Iran’s internal security forces may be aimed at hastening that.
However, Iranian Foreign Minister Abbas Araghchi has said his country’s forces have decentralized leadership, with units acting largely on their own, which could blunt the effect of attacks on top command and control hubs.
Iranian state television showed the ruins of buildings in Tehran and interviews with people saying the attacks damaged their homes. Strikes were also reported in the city of Qom targeting a building associated with a clerical panel set to pick Iran’s next supreme leader. Iranian media said it was empty at the time.
Shifting timelines for US operations
During his Pentagon briefing, Hegseth did not give a definitive timeline for US operations.
“You can say four weeks, but it could be six. It could be eight. It could be three,” he said. “Ultimately, we set the pace and the tempo. The enemy is off balance, and we’re going to keep them off balance.”
Adm. Brad Cooper, the top US military commander in the Middle East, said American forces have damaged Iran’s air defenses and taken out ballistic missiles, launchers and drones.
US and Israeli military officials say launches from Iran have declined as the war has progressed. Israel’s Homefront Command announced it was easing restrictions that closed workplaces nationwide. It said workplaces could reopen Thursday if there’s a shelter nearby. Schools would remain closed.
Still, explosions sounded early Thursday in Israel, which said its defensive systems were moving to intercept Iranian missiles.
At least 1,045 people have been killed in Iran, the country’s Foundation of Martyrs and Veterans Affairs said Wednesday. Eleven people have died in Israel. Six US troops have been killed.
The death toll has exceeded 70 in Lebanon, where the health ministry said Wednesday that three people died when drone strikes hit two vehicles on a Beirut highway. The Israeli military said it was targeting a Hezbollah member.
Israel says its offensive had been planned for midyear
Israeli Defense Minister Israel Katz said the offensive against Iran was originally planned for mid-2026, but “the need arose to bring everything forward to February.”
He listed events inside Iran, Trump’s positions and the possibility of “creating a combined operation” as reasons.
The protests in Iran put unprecedented pressure on its leadership. Trump threatened military action in response to the crackdown before shifting his attention to Iran’s disputed nuclear program.
White House press secretary Karoline Leavitt said Wednesday that the US launched its operation partly out of concern Iran might strike American personnel and assets in the region first. A phone call between Trump and Israeli Prime Minister Benjamin Netanyahu before the airstrikes began was also “important with respect to the timeline,” she said.
Energy supplies in the crosshairs
Iran’s paramilitary Revolutionary Guard issued its most-intense threat yet, saying the strikes against it would result in “the complete destruction of the region’s military and economic infrastructure.”
A Maltese-flagged container ship was attacked Wednesday while passing through the Strait of Hormuz, the narrow mouth of the Arabian Gulf through which about a fifth of the world’s oil is shipped. The ship was hit by two missiles, sparking a fire, according to Malta’s transport minister, Chris Bonett. Its 24 crew members were rescued.
Tanker traffic through the strait has fallen by around 90 percent compared to prewar levels, shipping tracker MarineTraffic.com said Wednesday.
Oil prices have soared as Iranian attacks have disrupted traffic through the strait, and global stock markets have been hammered over worries that the spike in oil prices may grind down the world economy.
Iran’s clerics are choosing a new supreme leader
Iran’s leaders are scrambling to replace Khamenei, who ruled the country for 37 years. It’s only the second time since the 1979 Islamic Revolution that a new supreme leader is being chosen.
Potential candidates range from hard-liners committed to confrontation with the West to reformists who seek diplomatic engagement. Mojtaba Khamenei, Khamenei’s son, has long been considered among them — though he has never been elected or appointed to a government position.
In a sign that Iran’s leadership will only seek to consolidate its power as it faces its biggest crisis in decades, the head of the judiciary warned that “those who cooperate with the enemy in any way will be considered an enemy.”
Israel’s defense minister, Katz, said on X that Iran’s next supreme leader — if he continues to threaten Israel, the US and others — “will be a target for elimination.”
