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Syrian Economy Cash Losses Much More than 25 Billion Euros

Central Bank of Syria

Syrian Central Bank Governor in an interview with Reuters in Damascus stressed that the current war aggression against Syria caused the Syrian economy much more than $25 billion Euros.

Governor Adib Mayaleh said Syria is expecting a financial support to compensate some of the losses from its Russian and Iranian allies, final touch on the agreements are in the work.

Mayaleh emphasized Syria’s need for food aid more as it will help Syria’s treasury by skipping the purchase process, and the reserves in foreign currencies, much more than $4 billion without specifying how much, noting that prior the crisis Syria had around $17 billion in cash reserves.

Adib Mayaleh, governor of Central Bank of Syria

Mayaleh estimated the direct losses Syrian economy suffered due to the unprecedented war of terror launched on the country to be much more than Euros 25 billion, not including the lost opportunities for more than 2 years the Syrian economy missed.

Syrian Central Bank governor strongly rejected any notion of the collapse of the economy saying: We can’t call that a collapse of the Syrian Lira (Pound) value. True, the Syrian Lira against the US Dollar prior the crisis was around SYP 50 /$1 and today it’s around SYP 115/ $1, and we can rebound it to better levels than this, but the performance of the national economy now obliges us to maintain it at this level.

The governor gave examples of countries that lost much more of its currency’s value in much shorter period of time and with crises very minor to the one Syria is witnessing, reminding of the severe sanctions by the US and its allies and stooges targeting essential needs of the people, and gave examples from recent history with currencies that lost times more what Syrian Lira lost like the Iraqi Dinar, Lebanese Lira, the Egyptian Pound and the Kuwaiti Dinar during the Iraqi invasion.

As for Europe, Mayaleh added: Greeks lost more than 1/3rd of their purchasing power through a currency crisis.

‘False rumors of counterfeit currency printed by the government to cover the losses spread by western and pan Arab mainstream media was another factor, while the Syrian Lira has a cover and is printed outside the country. We were printing it in Germany and Austria and now we’re printing it in Russia’, he added.

‘Another rumor the anti-Syrian camp spread was the inability of the state to pay the public workers’ salaries and they claimed there won’t be salaries in the first few months.. It’s already more than 2 years and we entered the 3rd and we can withstand years to come’, the governor said with confident.

Syrian Central Bank governor compared the prices of essentials in Syria and in neighboring countries that do not witness any similar crisis, the prices in Syria are still less than in those countries.

In regards with the EU latest decision to buy stolen Syrian oil produced by Al-Qaeda terrorists, Mr. Mayaleh said: ‘We do not understand how Europe will grant these armed terrorist groups the right to export oil from Syria to Europe. This is merely money laundring, and these are stolen money and stolen goods in the shape of oil going to other countries and returned as money and currencies financing these (terrorist) groups.’

Mr. Mayaleh asked the European citizens to wonder and ask the authorities they have in EU, ‘these terrorist groups they raise today and thrive with European and US protection in addition to some Arab countries and Turkey of course, doesn’t the European citizien fear that these terrorist groups would go back to their countries and turn it into hell similar to what happened in the USA when they were supporting some groups in Afghanistan then these groups went later to the US, destroyed the symbol of the US economy and ripped the US citizen their faith in their security and safety?’

They say the so called Syrian revolution is part of the Arab Spring.. Beware of a ‘spring’ and a ‘revolution’ that destroys your economy instead of building, kills your people instead of protecting them and divide your country instead of uniting it.

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