Having bank account is the only option for Syrians to get subsidy amount: Central Bank

The Central Bank of Syria said that Syrians living in areas controlled by the regime should expedite opening bank accounts, noting that failure to open an account will cause the beneficiary not to receive cash support when it is launched.

Observers pointed out that the Central Bank's circular indicates that cash support for bread will soon be transferred to the accounts of those entitled to it.

Other observers believed that the aim of the circular was to justify the delay in distributing cash support, and to hold the holders of electronic subsidy cards responsible for not having finished opening bank accounts, despite the passage of more than four months since the decision to transfer support from in-kind to cash.

The regime's government had called on Syrians at the beginning of last July to open bank accounts for holders of electronic cards, in order to transfer cash support for bread only, and set a deadline of 3 months for this.

To date, no clarification has been issued regarding the size of this cash support and the method of its use, especially in terms of: Does the support recipient have the right to withdraw it in cash and use it to purchase other needs, or can he only use it to purchase bread.

Many media sources affiliated with the regime estimated that the price of a loaf of bread would be raised to 3,000 pound, and the difference of 2,600 pound would be transferred to the accounts of those eligible for support, given that the subsidized price of a loaf is currently 400 pound. However, the regime has not issued any confirmation of this mechanism, especially since the Ministry of Internal Trade says that the cost of a loaf of bread to the state is 8,000 Syrian pound. ​​($1=14750 SYP)

The economic freefall is aggravated by the lack of financial support from Syria’s chief allies, Iran and Russia. With the former bogged down with its own financial troubles at home and the later involved in a costly war in Ukraine, Syria’s patrons are reluctant to foot the bill, leaving Damascus looking for other options, according to the Middle East Institute.

Some 7.2 million people have sought refuge from the fighting inside Syria while millions more have fled the country.

The United Nations has said that this year 16.7 million people in Syria will require some type of humanitarian assistance or protection -- the largest number since the conflict erupted in 2011.

About 90 percent of Syrians live in poverty, according to UN figures.