Syria's currency strengthened by 2.5 per cent on Thursday after members of the US Congress backed a permanent repeal of sanctions, in a move welcomed by business chiefs and officials in Damascus.
The Syrian pound was trading at 11,700 to the dollar, compared with 12,000 on Wednesday before the House of Representatives approved the repeal of the Caesar Act. The 2019 law sharply toughened sanctions on the regime of former president Bashar Al Assad by blacklisting anyone dealing with it, and imposed sanctions on whole economic sectors.
“It is positive news, for our work and for the rest of the economy,” Ayman Al Amer, co-owner of Osoul Exhange in central Damascus, told The National. The pound was trading at 50 pounds to the dollar on the eve of the Syrian uprising in March 2011. By the end of the year, Syria was in civil war.
Syria’s Foreign Ministry on Thursday hailed the vote as a “pivotal moment” in relations with the US, calling it “a direct result of constructive diplomatic efforts” between the two countries. It said the step would help rebuild trust and pave the way for broader economic recovery from civil war.
“The vote represents a first step towards tangible improvements in trade flows, the availability of essential goods, medical supplies, and conditions that will support Syria’s reconstruction efforts,” it added.
The US administration has been urging Congress to scrap the legislation. President Donald Trump waived sanctions in May, saying that Syrian President Ahmad Al Shara should be “given a chance”, despite his “strong history”. But full repeal requires an act of Congress.
Syria's President Ahmad Al Shara has cultivated a relatio
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