Established by Fathi Ibrahim Bayoud 2005 - Homs

Syrian budget suffers $1 billion drop

Business | 2019-11-27 18:55:11
Syrian budget suffers $1 billion drop
Thirty days has passed between the date of the submission of the regime’s budget to the People's Assembly and its final approval on Tuesday. However, as the Syrian Pound plummeted to an all-time low, the budget suffered around a $1 billion drop.

On October 27, the People's Assembly was presented with next year’s budget of 4 trillion Syrian pounds, equivalent to 6.1 billion dollars according to then estimated exchange rate at 650 SYP for US$1.

On November 26, the Council approved this budget, which has suffered a decrease of about $1 billion due to the recent collapse of the SYP to reach 760SYP for US$1. The regime’s budget is now valued at $5.2 billion.

While the regime boasts that the 2020 budget is 120 billion pounds more than the previous year's, the calculation of the rate of inflation, the decline in the value of the SYP and the rapid increase in prices, reveals that the new year’s budget will be less than that of 2019 and by about a third.

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