Inflating Syria’s crisis

ENAR

The Syrian government announced in June the imposition of new restrictions on private sector imports, a move that reflects the authorities’ growing nervousness as all economic and financial indicators are in the red. In a decision issued on June 10, Syria’s Ministry of Economy and Trade required all traders to apply for an import license before conducting any import transaction. While this license already exists for many items, it is now extended to products that were exempted from it, such as food products and medicines. After obtaining their license, importers will also need to find their own source of financing and will no longer be able to rely on the Central Bank of Syria (CBS) to buy their foreign currencies. By increasing paperwork and making it more difficult for importers to access foreign exchange, the government hopes to slow or discourage impåorts. At the same time, the ministry announced that