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President Assad Dismisses Governor of Central Bank of Syria

Central Bank of Syria - Damascus

President Bashar Assad dismissed the Governor of Syria’s Central Bank Mr. Hazem Qarfoul on Tuesday, the governor assumed the post on 24 September 2018.

Presidential Decree Number 124 for 2021 dismissing Mr. Qarfoul did not elaborate on the reason for the dismissal, Syria remains a conservative country when it comes to high standards of culture, decency, and competence however its enemies try to paint their fabrications whenever President Assad makes changes. When dismissing top officials or even when smaller posts are abused or its incumbents are removed, the public story is not publicized out of courtesy and decency but Syria’s enemies try to gossip.

During his term as governor, Mr. Qarfoul was tasked to overlook the exchange rate of the Syrian Lira, he didn’t do well in that regard, much of that is attributed to the economic terrorism and war of attrition the USA, the EU, and their regional minions waged against the Syrian people, in June last year the largest economies of the world issued their ‘Caesar Act’ and EU blockade and monetary regimes of sanctions against the Syrian people in their last hope to subdue the nation after years of sponsoring terrorism, covert war, supporting Israel in its bombings, directly bombing by NATO, stealing Syria’s wheat and oil, and even burning wheat fields they couldn’t steal.

All of those aggression acts by the superpowers and super-rich countries have added extra burden on the Syrian economy and consequently on the Syrian Lira. Countries like Saudi Arabia and Qatar spent much of their budgets on the war against Syria, considerable sums of it speculating against the Syrian Lira and stockpiling it in their banks. Countries which remained ‘normal’ and maintained their relations with Syria were shy enough not to break the US-EU-Gulfies blockade imposed on Syria, save a few occasions.

The exchange price of the Syrian Lira in the ‘black market’ reached 4800 SYP for 1 dollar from an average of 50 SYP for a dollar in 2010, the highest hit was a couple of months ago.

Two weeks earlier, a committee was formed to tackle the main areas affecting the exchange price of the Syrian Lira against the US dollar, with very few of its decisions the price went dramatically down from 4800 to 3150 SYP / US dollar in less than 2 weeks. Most of the price drop of the Syrian currency relates to negative speculating and bad rumors, it has nothing to do with the actual economy of the country which all records indicated improving especially since the cleaning of Eastern Aleppo from the US-sponsored Al Qaeda terrorists which was followed by clearing Deir Ezzor and other provinces.

Supposedly established economies of countries that didn’t face the war Syria faced over an extended full decade saw a remarkable drop in the exchange price of their national currencies, Turkey and Lebanon are stark examples both of which border Syria and both of which had a direct role in supporting the war on Syria, the western media was selling them as role models for the Syrian people to aspire to and unknowingly, the regime of Donald Trump followed by the ‘most diverse and inclusive’ junta of Biden have blown away that image with their acts of hostilities against the economies of those particular countries. Another example that comes to mind how the economy of the richest country on the planet was halved by a single military attack by the poorest Arab country, Yemen, and after 5 years of being besieged, another study case on not taking western sources rating economies as granted to be credible. All of these 3 countries: Turkey, Lebanon, and Saudi Arabia have mainly virtual economies and their currencies are very much pegged to the US dollar, the Syrian Lira, in contrast, is NOT, which means the drop in its exchange price to the dollar is not reasonable.

Another reason for the dismissal of the governor of the Syrian Central Bank which is talked about unofficially has to do with some bad practices by the dismissed governor who is said to have issued some sizeable industrial loans to a number of businessmen at competitive rates and did not follow up properly on the use of those loans and the execution of projects applied for; most of the loans were returned by the clients when the exchange price dropped to its record low last month at the new price of the Syrian Lira thus the beneficiaries of the loans made large profits on the account of the Syrian treasury. This is the more plausible reason for the dismissal of the governor, yet this is just what’s been unofficially circulated.

A new governor for Syria’s Central Bank is yet to be named.

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