DUBAI: Syrian Economy Minister Mohammad Nidal Al-Shaar has said his country is working on developing a new currency but will not make any hasty decisions.
Speaking at the Arab Media Summit on Wednesday, Al-Shaar said the new Syrian government was “dealing with this calmly and patiently” and pointed to the economy’s flaws under Bashar Assad’s regime.
“The regime had different channels to pay salaries, one was through royalties that were imposed on traders and the other was through captagon production. When the regime fell, these stopped so there is a shortage in liquidity currently,” he explained.
Liquidity was the main challenge faced by Syria’s economy, he added, as the previous regime had retrieved most of the country’s liquid assets from overseas before it fell.
“We are working on retrieving our funds from abroad in cash; unfortunately the regime was able to retrieve most of it but something is better than nothing,” he said.
Earlier this year, the UAE invested $800 million to develop the Syrian port of Tartous after the US lifted sanctions.
Al-Shaar said Syria was striving to become an open economy and attract foreign investment but was being selective to avoid creating economic chaos.
“Brotherly countries of the Middle East are all looking forward to protecting Syria from chaos, the Syrian people are tired of (it) and cannot bear any more,” he added.
