Syria faces economic pressure amid liquidity and inflation concerns

Syria is facing significant economic pressure characterized by rising inflation, high unemployment, and liquidity challenges following the introduction of a new currency earlier this year. Economic experts note that the cost of living has surged, with some essential services and goods increasing in price tenfold, while housing rents have reportedly risen by approximately 200 percent.

In response to reports of financial difficulties, the Sham Cash application management has denied the existence of a general liquidity crisis or a mandatory daily withdrawal limit of 20,000 Syrian pounds. Mohammed Basiki, Director of Marketing and Public Relations at Sham Cash, stated that any such limits or excessive withdrawal fees imposed by certain exchange offices are unauthorized operational decisions by those individual agents rather than official company policy.

Sham Cash clarified that its approved maximum withdrawal commission is 0.3 percent and noted that it is monitoring complaints regarding unauthorized fees. The company emphasized that while individual branches may face operational difficulties, these do not reflect a systemic shortage of liquidity. Financial matters such as salary disbursements remain under the jurisdiction of the Ministry of Finance and the Central Bank of Syria.