Residents of Damascus have expressed concerns that they were approaching a “very difficult” economic period if the government was unable to address gas and energy shortages.
These concerns were compounded with the record drop in the value of the Syrian pound and a wave of price hikes that have aggravated living conditions in the country.
Local markets witnessed in recent days a sharp increase in prices, most notably in food products, as the pound dropped to 530 to the dollar on the black market.
Trade sources in Damascus said that this drop was linked to a sanctions law against the Syrian regime that was being drafted by the United States.
An expert questioned the rise in prices given that export activity has been nonexistent.
The sanctions, he explained, will impact both exports and imports, meaning “we will not be able to import or export any products to and from foreign markets.”
Prime Minister Imad Khamis said that Syria was witnessing “massive pressure” on its resources and economic pillars.
All necessary measures should be taken in order to combat the deterioration of the pound, he added, singling out the need to crack down on currency smuggling.
Last week, the US Senate advanced legislation that would impose new sanctions on Syria’s regime.
The measure would direct the Trump administration to impose sanctions on entities that do business with the regime, such as selling petroleum products or aircraft parts.
US House of Representatives approved the Caesar Syria Civilian Protection Act, which imposes sanctions on the regime and its supporters.
The act is named after the whistleblower who defected from Bashar Assad’s regime and smuggled tens of thousands of photos of those tortured to death in regime prisons.
The bill declares that it is US policy to use all diplomatic and economic means to compel the regime to halt the slaughter of the Syrian people and work toward a democratic government.
