Google Cloud Speech-to-Text API (Chirp) + Gemini 2.5 Flash Non-Thinking. Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:12in some materials related to
00:00:2380% of
00:00:32an increase in the exchange rate businesses. To support this
00:00:40Between the challenges of inflation and market new burdens on the fluctuations, economic
00:00:44issues emerge that touch on the daily lives of citizens.
00:00:48We shed light on the factors that have driven prices to
00:00:51unprecedented levels in recent years,
00:00:55and we discuss the role of exchange rates, fuel, and supply
00:00:58bottlenecks in deepening living pressures. In our
00:01:02second topic, we examine the shortage of small
00:01:05denominations after the withdrawal of old banknotes from
00:01:09and there are many innovations. circulation earthquake-affected areas and its repercussions on buying
00:01:12training young people on and selling operations in daily transactions. These
00:01:15are the main topics of today's economic monitor, and as usual, we
00:01:19start with a review of the most important
00:01:21Of course, and is close to economic news for
00:01:22this week.
00:01:29of coffee. We need a solution to what affects The Sarh Holding Company, affiliated with the Syrian Sovereign
00:01:32Fund, signed a contract with Canadian company Interhealth to rehabilitate
00:01:36and develop 14 national hospitals in various
00:01:39governorates, in coordination with the Ministry of Health. Health
00:01:43Minister Musab Al-Ali explained that the project, which spans
00:01:4624 months, aims to modernize the infrastructure
00:01:49and medical devices according to the latest standards.
00:01:53For its part, the implementing parties confirmed that the project
00:01:56includes planning, execution, and operation phases,
00:01:59as well as knowledge transfer to Syrian cadres, which contributes
00:02:03to improving the quality of healthcare and supporting
00:02:06the development of medical tourism
00:02:11and taped. This is normal, in Syria. Finance Minister Mohammad Yasser
00:02:14Bernieh issued a directive obliging all directors in the ministry and its
00:02:17affiliated or associated institutions and bodies to disclose
00:02:21any kinship with employees up to the fourth degree. The
00:02:24directive is based on the Cabinet's decision
00:02:27regarding the regulation
00:02:30of public employment among relatives, which prohibits certain
00:02:35they can give an additional item, employment cases within
00:02:36they were collected and published the same entity or organizational unit. The directive also stressed
00:02:39the need to address existing employment situations according
00:02:43to legal frameworks and to enhance the principles of transparency
00:02:46weight or its relative importance and equal opportunities in the
00:02:48on the importance public sector.
00:02:57prices, it affected In a move that will support digital
00:02:58the bill, it affected transformation and the development of the financial services sector, the Minister
00:03:01of Finance, in a statement to Syrian TV, revealed the imminent issuance of
00:03:05the legislative framework regulating all types of financial services and electronic
00:03:09about the importance of payment, which the Central Bank of Syria is working on preparing for
00:03:13approval by the People's
00:03:16Aleppo, from Assembly.
00:03:18Of course, the Central Bank of Syria is working on establishing
00:03:22the legislative framework that will help in licensing
00:03:26all types of financial services
00:03:28going? We are dealing with and electronic payment. And God willing, and Television is on
00:03:30this system will see the light soon. I am aware that there is progress
00:03:34in its preparation, and it will be
00:03:37Syrian family. Why? Because approved by the People's Assembly. When it is approved, all types of financial and electronic banking companies
00:03:41will be licensed,
00:03:44And there is a lot of cooperation from including digital banks, including electronic payment
00:03:47services in various forms, such as wallets and so on. So, God
00:03:50willing, this is being worked on by the Central Bank of Syria,
00:03:53and we are also following this path through electronic
00:03:56invoicing, emphasizing electronic invoicing, emphasizing electronic
00:04:00linkage, and emphasizing linking electronic payment
00:04:04a set of with invoicing, with registration with taxes together.
00:04:08And this survey was God willing, tax services will move towards being digital services, and this
00:04:12will help this entire system to work together.
00:04:16Electronic payment does not depend on
00:04:19one entity
00:04:23only.
00:04:26A report by the Planning and Statistics Authority revealed
00:04:30entrepreneurs. We continue that Syria witnessed an unprecedented inflationary
00:04:34wave between 2010 and 2015, during
00:04:38which prices rose from relatively stable levels
00:04:41to rates of high cost of living that are among the highest
00:04:44in the region. But how did prices reach these
00:04:47high levels? And what is the most
00:04:51influential factor in the inflation wave? We continue
00:04:55but there is responsiveness. The official in this presentation of the study, where the decline in the Syrian Pound's exchange
00:04:59rate was the most influential factor in price
00:05:02increases, as the rise in the dollar directly
00:05:05affected the cost of goods
00:05:08Why do you think there was and production, with the dollar's exchange rate rising from
00:05:1158.39
00:05:12pounds to 139.32
00:05:16pounds by the end of 2013. However,
00:05:20the exchange rate was not the only factor; there were
00:05:23other challenges that increased pressure on markets
00:05:27and raised the cost of living. Supply
00:05:29chain bottlenecks and the disruption
00:05:32of productive areas contributed to reducing supply
00:05:35and increasing transportation costs, while the effects of
00:05:39rising fuel prices extended to food, housing,
00:05:42transportation, and services, according to the study. Along with these
00:05:46internal challenges, external variables also added
00:05:51economy and prices, as global crises such
00:05:55as the Corona pandemic and the war in Ukraine
00:05:58coincided with increased speculation and pricing
00:06:02based on future expectations, accelerating the pace
00:06:05of price increases and deepening living
00:06:07pressures. In the face of these accumulated variables,
00:06:11questions arise about the ability of
00:06:14current indicators to reflect the living reality
00:06:17of Syrian families. The study concluded
00:06:20that the consumer basket adopted since 2009
00:06:23no longer reflects the current
00:06:27spending patterns of Syrian families, calling for its
00:06:30updating and a review of monetary
00:06:33policies
00:06:34and support mechanisms.
00:06:41To talk more about this topic, we are pleased to host in the studio Mr.
00:06:45Bashar Qassem, Director of the National Accounts Department at the Planning
00:06:49and Statistics Authority. Welcome, Mr. Bashar. So, let's say
00:06:52these numbers that were recently published by
00:06:55you are the result of 15 years
00:06:59of rising consumer prices in Syria.
00:07:02But as we mentioned earlier, we were discussing, you and I, that
00:07:06these numbers were not clear to the Syrian citizen. How
00:07:10were they worked on by you
00:07:13and presented in this study? First, I am happy to welcome
00:07:16you
00:07:18and the viewers.
00:07:20And thank you for hosting us to clarify some matters that were
00:07:23absent from the viewers or the public.
00:07:27Regarding the numbers that we have now published in the study, they are
00:07:31indicators, the Consumer Price Index (CPI),
00:07:34which was previously collected by the Central Bureau of Statistics
00:07:38and currently within the Planning and Statistics Authority after their
00:07:42merger. Regarding
00:07:45index numbers and inflation,
00:07:48on websites within the Central Bureau of Statistics'
00:07:52website previously, but the lack of attention to the
00:07:56number and the government's lack of focus
00:08:01of this number was absent from people's
00:08:04minds or unheard by the public. Yes, yes.
00:08:07So, regarding the indicator or how does the
00:08:11lack of data affect the accuracy of economic
00:08:14indicators? Let's clarify a little for the public or followers who do not
00:08:18have a background or idea
00:08:21having this type of data periodically. How can it affect
00:08:25economic decisions in the state? Any indicator collected or any
00:08:29data collected by the Planning and Statistics Authority affects
00:08:32government decisions. For example, we must be clear,
00:08:35the consumer price index relies on the consumer basket.
00:08:38The consumer basket is a basket of
00:08:42goods, commodities, and services that are spent on by
00:08:45families. It was
00:08:49developed through surveys
00:08:52and published as
00:08:56a result of periodic surveys
00:08:59that are carried out by the Central Bureau of Statistics and the
00:09:02Planning and Statistics Authority currently.
00:09:06As for the consumer basket, it is, as we explained earlier,
00:09:10a set of goods and services that are spent on by the family annually.
00:09:13This basket takes
00:09:16weights that are weighted
00:09:19and given relative importance to each item within this basket,
00:09:23and accordingly, prices are collected and the consumer price index
00:09:26is calculated. After calculating the consumer price index,
00:09:30inflation is calculated, which is the change in the consumer price index
00:09:34between one month and another or between one year and the preceding year.
00:09:37Right. So, regarding the indicators that are
00:09:41within the measure, what are the most prominent indicators
00:09:45and where did you find the most prominent changes
00:09:47to be? As for the Consumer Price
00:09:51Index, it comprises a set of main categories,
00:09:55about 14 main categories within the index. The most important
00:09:58category was the food and beverages category, which
00:10:02accounts for about 40% of the basket.
00:10:05However, some goods and items affect the
00:10:08entire basket, such as fuel.
00:10:13So, it affects the entire basket
00:10:16and not just the expenditure category, which is household
00:10:19expenditure. Yes. As for the rest of the sectors,
00:10:23they come according to government spending. For example,
00:10:26in the years of the Corona crisis
00:10:30or COVID, there was high spending on health,
00:10:33but there was a high increase
00:10:37this issue, which affected only the health sector. As for
00:10:41other sectors, there was no impact on them within this basket.
00:10:45Uh-huh. So, if we want to infer future
00:10:49numbers and forecasts for consumer prices,
00:10:52we have almost seen
00:10:57recently in the past few months. How do you think
00:11:00this will be reflected in consumer prices in the coming
00:11:03months, and when will the official monthly
00:11:07figures be released? As for the official monthly
00:11:10figures for the years from
00:11:122010-2011 to 2025, they are published on
00:11:15the official website of the Planning and Statistics Authority. As for the
00:11:19official figures for 2026, they
00:11:22will be published next week. These
00:11:25figures, as a price index, reflect the spending
00:11:29level of these families based on their spending in 2010. We should
00:11:33note that 2010 is the base year for this basket,
00:11:36and work is currently underway to
00:11:39produce price indices with a base year that keeps pace with the current
00:11:43spending of modern families
00:11:46reality. As for the main reasons and currently
00:11:51inflation and the price index,
00:11:55we have pivotal reasons. With stable exchange rates,
00:11:59we still have the seasonality of goods
00:12:02and services. Regarding the seasonality of food
00:12:05items and the seasonality of production, we
00:12:08have the issue of energy services
00:12:11or energy-supporting materials
00:12:15such as fuel and oil that serve factories
00:12:19for materials, for example, manufacturing industries that
00:12:22are included in the consumer basket. What about electricity?
00:12:25As for electricity, it is a sector
00:12:28that was not highlighted in previous periods. The basket
00:12:32was in 2010, but currently, after adding and updating the basket
00:12:35for the electricity sector,
00:12:38factories and plants, as well as household
00:12:42spending, are reflected not only
00:12:45in the electricity bill that is paid, but there is a set
00:12:48of alternative energy sources that have been worked on,
00:12:52a set of generators that were relied
00:12:55on for a period of time. So, several axes
00:12:59were generating electricity for the family, and they are currently
00:13:03monitored within the new baskets, not within the electricity
00:13:06bill that is paid directly, because the relative
00:13:11in the basket during the coming periods was based
00:13:15on its spending in 2010. But currently, after
00:13:19the increase in electricity
00:13:23the consumption pattern of the family
00:13:27from electricity. And the factor of rationing periods
00:13:30also played a role in the increase in prices.
00:13:34Uh-huh. So why was 2010 chosen as
00:13:37the base year for you? The year 2010 was
00:13:41chosen as the base year because it is used
00:13:45as a base year in the household income and expenditure survey
00:13:48that is conducted by the Planning and Statistics Authority. The household
00:13:52income and expenditure survey provides the basic indicators for
00:13:55weights and selecting the consumer basket that
00:13:58is spent on by the
00:14:02this survey monitors all expenditures of the Syrian
00:14:06family throughout the year, and then this percentage is taken
00:14:09at the governorate level, whether urban or rural,
00:14:13and this basket is collected in an integrated manner according
00:14:16to international classifications that are consistent with international
00:14:20classifications such as COICOP
00:14:23to work on the basket and take the weights and then produce
00:14:26the numbers to monitor the spending
00:14:29and consumption patterns of families during this period.
00:14:33not completed until 2009.
00:14:362009 and the release of the results in 2010 were
00:14:39almost the base year for producing the CPI index.
00:14:43Yes, very good. Thank you, Mr. Bashar Qassem,
00:14:47Director of the National Accounts Department at the Planning and Statistics Authority.
00:14:50Thank you for this clarification.
00:14:52Thank you.
00:14:58After the replacement rate of old Syrian banknotes exceeded
00:15:0295%, the Central Bank of Syria announced a final
00:15:06opportunity for one week only and extended
00:15:09the withdrawal of the old currency in Raqqa and Deir Ezzor governorates
00:15:13until the 20th of this month. However, beyond the replacement
00:15:16figures, Syrians face another kind of problem:
00:15:20the shortage of small change.
00:15:23Sweets have become a substitute for
00:15:26the missing change, while vendors,
00:15:30taxi drivers, and microbus drivers
00:15:33face daily difficulty in providing change to passengers
00:15:37due to the current shortage of small
00:15:40denominations of 10 and 25 Syrian pounds, and the complete
00:15:44absence of the 5-pound denomination. Our report reveals
00:15:47how citizens have reinvented a commercial
00:15:50equation to overcome
00:15:51this dilemma.
00:15:56Now, the most common denomination we can't find is
00:15:59the 500. And they accept the old ones.
00:16:02Honestly, some people don't accept them, so we lose
00:16:06money or lose a customer.
00:16:41The 25 and 10 are rare here, and we try
00:16:44to get
00:16:46them from banks, from merchants, from
00:16:50traders. We try to take 1000-pound notes from them
00:16:53for change. Here, we are suffering from the 10-pound
00:16:56currency. For example, a customer came to me and wanted to buy
00:16:59for 14,000, and I didn't have change. He gave me 15,000. We give him,
00:17:03for example, a small packet
00:17:06this problem. From the concerned officials in Deir Ezzor, from the
00:17:10Deir Ezzor Bank, to find a solution
00:17:12to this issue.
00:17:14To talk more about this issue, we are pleased to host in the studio
00:17:18Dr. Samer Qassar, Professor of Banking and Finance at the Faculty
00:17:22of Economics at Damascus University. Welcome, Doctor.
00:17:25As you witnessed, there is an actual,
00:17:28real problem with small change
00:17:31and fractions. Why were no new
00:17:35banknotes or small denominations printed as an alternative
00:17:39to the 500-pound note? First,
00:17:42I thank you very much for the opportunity to be with you on this good platform.
00:17:46There is no experiment without weaknesses. We cannot say that
00:17:49the currency exchange experiment in Syria is perfect
00:17:52and complete and has no problems. Small problems appeared
00:17:55at the practical level, especially, as the citizens
00:17:59mentioned, the loss of the 5-pound
00:18:02denomination. But, of course, to be honest, our Syrian people
00:18:06are creative. They
00:18:08mean, okay, if there are no 5-pound notes,
00:18:12and we can look at this as increasing circulation,
00:18:15but there is a logical, simple solution. Now there is a 25-pound
00:18:18denomination and two 10-pound denominations. So, whoever wants
00:18:215 gives 25 and gets 10 and 10 back. It's manageable.
00:18:25However, the problem is the availability of these new denominations,
00:18:29which are the 25-pound and 10-pound notes. Of course,
00:18:32we urge and commend
00:18:35from this esteemed platform that the Central Bank focuses more on
00:18:38these denominations because the circulation,
00:18:42let's say, of small values that are related to daily
00:18:45transportation and purchases needs these denominations.
00:18:49So, I hope there will be more focus on printing currency.
00:18:52Our information indicates that the quantities are sufficient,
00:18:56but there might be a logistical problem in terms of distribution
00:18:59or providing larger quantities of small denominations, which are
00:19:0325 and 10. The conclusion I want to say is that we can
00:19:06look at this issue from a broader perspective. What is the big problem
00:19:09that prevents the exchange of currency in a country that has come
00:19:13out of war and out of 60 years of
00:19:16tyranny and slavery? I mean, if this is the problem,
00:19:21citizens and economic activities in actually
00:19:25moving towards the new currency and rejecting the old, obsolete currency
00:19:29that has ugly symbols and images. So there are logistical
00:19:33problems, but I hope the Central Bank, because the Central Bank is listening,
00:19:36honestly. Now, let's look. The end of the first exchange was
00:19:40on the 31st of the month. Then it became
00:19:43the 18th. There was a need, and citizens raised their voices
00:19:47on Facebook and other platforms. The state
00:19:50listened. The next day, the professor
00:19:53said, "Okay, we have until Thursday, one week." And even the governorates
00:19:57that did not have centers and had,
00:20:00more or less, problems in the eastern region,
00:20:04of course, because there are no banks in the eastern region like
00:20:15other regions, the capital and Aleppo. Okay, he gave
00:20:18us until August 20th specifically. Now, everything in Damascus
00:20:22and other governorates is only exchange or the coexistence phase.
00:20:25It is only in central Damascus. The point I want to make
00:20:29is that the experience is not perfect,
00:20:33is listening, responding, and making decisions on the ground and solving
00:20:37the problem. So, thank God, we need to cooperate.
00:20:46a focus on large denominations at the beginning
00:20:50of the injection? I mean, we all saw 500-pound notes in very
00:20:54large quantities at the beginning, and then 200. What
00:20:57is the economic reason? The economic reason is that we inherited
00:21:01a devastated country with 100% inflation
00:21:05and more. So, when you have high inflation and prices, I mean,
00:21:08a bag of 100 million would require two people to carry it.
00:21:12Let alone if they gave you 500. So, the Central Bank decided to
00:21:15start with large denominations to absorb
00:21:19these huge quantities. Soon,
00:21:22one will need a scale to weigh the price of a car.
00:21:25And this is something we used to see; they used to carry the price of a car in a Hyundai. So, he started with something,
00:21:29I mean, the problem is deeply rooted. So, the Central Bank
00:21:32started with the priorities. The priority
00:21:35is, let's say, to absorb
00:21:38the large mass resulting from the existing
00:21:42inflation and remove two zeros, and then address other
00:21:45problems. We have reached a stage where small denominations
00:21:48are not widely available for small daily transactions
00:21:52related to daily purchases. It's okay, if the problem is here,
00:21:56we are willing to solve it gradually,
00:21:59However, do you think this will not affect prices and pricing
00:22:02in terms of rounding up? I mean, people might round up the price higher
00:22:06to avoid the issue. To be honest,
00:22:08sometimes one party will be wronged, but
00:22:12may God have mercy on a person who sells leniently and buys leniently.
00:22:15Of course, this is not an invitation for anyone to be wronged at anyone else's
00:22:19expense. But there are innovations. For example, if you have extra
00:22:23money, the shop owner might give you an item you need. When there's an excess, as we talked about
00:22:26the 25 and two 10s. But when all denominations are not
00:22:29available, of course, there will be obstacles to smooth
00:22:33circulation in general. Madam, let me tell you something.
00:22:36In the end, this is a transitional phase. We must move,
00:22:40and this is clear and present in the government's mind,
00:22:43to digitize cash circulation.
00:22:47I mean, e-money and all that stuff, and everything becomes digital
00:22:50circulation. You know, in the end, currency, no matter how high its
00:22:54quality, is subject to damage and wear and tear. We've already
00:22:57started seeing 10-pound notes torn
00:23:01not because of our currency, but this is normal. That's why all countries
00:23:04eventually resort to digitizing the existing money supply
00:23:08and its circulation. And this is what the Central Bank is doing, but it will take
00:23:11some time. We have only been out of this crisis for a year and eight months,
00:23:15a year and seven months, thank God. The economic crisis, but
00:23:18the results on the ground are amazing, thank God. There is acceptance
00:23:21of the new currency and its circulation. Small obstacles are being addressed.
00:23:25So, let's go back to the currency exchange issue. Since the Central Bank
00:23:29gave a five-year deadline for exchange through it
00:23:32exclusively, do you think we might take five
00:23:36years or can we accomplish you mentioned in the report,
00:23:3990-95% of the existing money supply has been exchanged.
00:23:43There is only 5-10%, let's say, with a statistical
00:23:46error. So, the 10% will not,
00:23:50in my estimation, take more than a year and a half to two years.
00:23:54anymore. However, the Central Bank wants to work in a systematic
00:23:58and fair way for everyone. If you have an old 500-pound
00:24:02note, you want to exchange it, of course, within the regulations set,
00:24:05100 notes, and so on. The ultimate goal of
00:24:08this is to achieve complete transparency
00:24:11regarding the sources of funds: where did this money come
00:24:14from and where is it
00:24:18the International Monetary Fund, with the Turkish Central Bank,
00:24:21the German, Canadian, and US Federal Reserve.
00:24:25These institutions do not deal with financial institutions that lack
00:24:28transparency or, for example, The standards are very high
00:24:31and international standards. So, in answer to your question,
00:24:35I don't think we will take five years. Maybe a year or
00:24:39more, and things will be completely transitioned
00:24:42to the new, beautiful currency that reflects
00:24:45our culture and our social components. Thank you, Dr.
00:24:48Samer Qassar, Professor of Banking
00:24:52and Finance at the Faculty of Economics at Damascus University. Thank
00:24:54you for this clarification.
00:25:02Despite the challenges it faces, e-commerce in Syria continues
00:25:06to solidify its presence as a promising
00:25:09sector, driven by growing demand and increasing initiatives
00:25:13aimed at building a more advanced and empowering
00:25:16digital environment for
00:25:20in this report.
00:25:24E-commerce: a promising market in Syria. This
00:25:27was shown by the figures used during the E-commerce Forum,
00:25:30as forecasts indicate that the market size will reach
00:25:34approximately 1215 million dollars by
00:25:382030. The sector also records
00:25:41more than 5 million orders annually
00:25:44with a total value exceeding
00:25:4752 million dollars, an indicator
00:25:50that confirms the existence of real demand for e-commerce
00:25:53services despite the challenges related to
00:25:57infrastructure and payment methods. Traders
00:26:00need to work harder. We are looking
00:26:04at something close to 12% of the total companies
00:26:08that we surveyed
00:26:11do not have a website. You are
00:26:14talking about approximately only 22%
00:26:18using social media in their work.
00:26:22So you are almost talking about
00:26:26companies that are not even working on social
00:26:29media to promote their
00:26:33growth, initiatives continue to aim at supporting the sector
00:26:37and expanding the base of those working in it through training
00:26:40camps and specialized programs that provide young
00:26:44men and women with the necessary skills to enter the world of
00:26:47e-commerce and launch their digital
00:26:50projects in the field of e-commerce.
00:26:53Specifically, we are currently
00:26:57implementing a project with the support of the German
00:27:00Ministry of Foreign Affairs, GIZ.
00:27:03Of course, this project is being implemented in the
00:27:08of Latakia, Aleppo, Afrin,
00:27:11and Azaz. We are
00:27:14digital skills that enable them to
00:27:18obtain remote work opportunities. One of
00:27:21these skills is e-commerce.
00:27:24e-commerce goes through the same equation that
00:27:27I previously told you about. To this day, we have graduated
00:27:3150 young people. After
00:27:34graduation, we host these young people
00:27:37within Dalny Liwan. The forum
00:27:41brings together entrepreneurs and experts with decision-makers
00:27:44with the aim of unifying visions and discussing
00:27:47challenges, leading to the development
00:27:51of an integrated vision that contributes to developing
00:27:54the e-commerce environment and enhancing its growth
00:27:58in Syria.
00:28:01This brings us to the end of this episode of The Economic Monitor.
00:28:04Thank you for watching, and we will meet you, God
00:28:07willing, next week. Goodbye.
00:30:26This is the seven o'clock news from Syria TV. Welcome
00:30:29viewers, I am Ruba Haboush and we start with the headlines.
00:30:34Al-Shaibani discusses in Ankara with Fidan security and economic
00:30:37cooperation and discusses the file of merging SDF with
00:30:40the head of Turkish intelligence.
00:30:44The Minister of Finance announces the suspension of 34
00:30:48workers in the ministry's institutions and the Financial Oversight Authority
00:30:52reveals a corruption case in the Real Estate
00:30:54Bank exceeding 8 million
00:30:57dollars.