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Business & Economics, Syria


Syria's rate of inflation rose to 32.5 percent in May compared with the same month a year ago, as the cost of food products increased, the country's Central Bureau of Statistics reported.

The price of meat, fruits, bread, housing water and electricity increased, while the cost of dairy, non-alcoholic drinks, vegetables and sugar decreased, according to the government agency.


The European Union on Tuesday took aim at the governor of the Syrian central bank, the country's tobacco authority and a corporate group said to be involved in oil exports, applying a fifteenth round of sanctions on the violence-wracked nation dpa reported

The bloc's foreign ministers approved the new restrictive measures on Monday, but the three people and two entities targeted were not identified until the sanctions came into force on Tuesday.


The United States has allocated $40 million to assist relief agencies aiding victims of the Syrian crisis, the Department of State has said, RIA Novosti reported.

"The United States is pursuing every avenue to get humanitarian relief to those affected by the violence in Syria and is engaged in focused diplomatic efforts to secure full and unfettered access for humanitarian organizations to reach those in need," the Department said in a statement.

The U.S. assistance includes "food, clean water, basic health care, and medical and other emergency relief supplies."


Syria does not exclude the possibility of imposing additional sanctions on using the euro.

Syrian banks will be able to conduct operations in rubles, head of the Syrian Central Bank Adib Mayaleh said in an interview with RT Arabic on Thursday.

"Our banks will be able to use national currency and the Russian ruble while conducting transactions," he said. "As a confirmation, the ruble will be included in the daily bulletin of the exchange rate of foreign currencies in the nearest future, issued by the Syrian Central Bank. The Chinese yuan will be also included."


The Syrian government abrogated Tuesday the recent suspension of imports of products subject to tariffs of five percent or more, the state-run news agency reported.

Two weeks ago, the Syrian Minister of Economy and Commerce Mohammad Nidal al-Shaar announced the suspension of Syria's import of cars and luxury goods to "save foreign exchange reserves" of Syria, Xinhua reported.


The U.S. Embassy in Damascus has refused Adib Mayyaleh, the governor of Syria's central bank, a visa to attend the meetings of the IMF and World Bank annual G-24 meeting.

"Visa refuse is a mean of pressure on Syria to prevent their representation in the important meetings," Watan newspaper quoted Mayyaleh as saying.

"This is an international platform and is dedicated to talk about developments in international monetary and financial issues," he added.


Syria's president, its vice-president, a top adviser, a slew of security officials and several businessmen loyal to the regime were officially banned on Tuesday from travelling to the European Union, with any assets they may hold in the bloc frozen, DPA reported.

The names of the 10 new individuals targeted in the EU's second round of Syrian sanctions were published in its official journal, marking their entry into force.


Relations between the Syrian government and Americans who work with Syrians here are as bad as I have seen in the four years since I began working as the American editor of Syria Today, the country's first private-sector English language magazine.