BEIRUT: Syria’s pound hit record lows on the black market Saturday trading at over 2,300 to the dollar, less than a third of its official value, traders said, ahead of new US sanctions.
Three traders in Damascus told AFP by phone that the dollar bought more than 2,300 Syrian pounds for the first time, though the official exchange rate remained fixed at around 700 pounds to the greenback.
After nine years of war, Syria is in the thick of an economic crisis compounded by a coronavirus lockdown and a dollar liquidity crunch in neighboring Lebanon.
Last month, the central bank warned it would clamp down on currency “manipulators.”
Analysts said concerns over the June 17 implementation of the US Caesar Act, which aims to sanction foreign persons who assist the Syrian government or help in post-war reconstruction, also contributed to the de fact devaluation.
Zaki Mehchy, a senior consulting fellow at Chatham House, said foreign companies — including from regime ally Russia — were already opting not to take any risks.
With money transactions requiring two to three weeks to implement, “today’s transactions will be paid after June 17,” he said.
Heiko Wimmen, Syria project director at the conflict tracker Crisis Group, said that with the act coming into force, “doing business with Syria will become even more difficult and risky.”
Both analysts said the fall from grace of top business tycoon Rami Makhlouf despite being a cousin of the president was also affecting confidence.
“The Makhlouf saga is spooking the rich,” Wimmen said.
After the Damascus government froze assets of the head of the country’s largest mobile phone operator and slapped a travel ban on him, the wealthy feel “nobody is safe,” he said.
They are thinking “you better get your assets and perhaps yourself out preparing for further shakedowns,” he said.
Mehchy said the impact of the pound’s decline and ensuing price hikes on Syrians would be “catastrophic.”
Most of Syria’s population lives in poverty, according to the United Nations, and food prices have doubled over the past year.
The UN food agency’s Jessica Lawson said any further depreciation risked increasing the cost of imported basic food items such as rice, pasta and lentils.
“These price increases risk pushing even more people into hunger, poverty and food insecurity as Syrians’ purchasing power continues to erode,” the World Food Programme spokeswoman said.
“Families may be forced to cut the quality and quantity of food they buy.”
Syrian pound plummets as new US sanctions loom
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Syrian pound plummets as new US sanctions loom
- Syria is in the thick of an economic crisis compounded by a coronavirus lockdown and a dollar liquidity crunch in neighboring Lebanon
- The UN food agency said any further depreciation risked increasing the cost of imported basic food items
Israel’s failure to commit to full withdrawal contradicts promises made to Lebanon, Aoun says
- Aoun told Spanish Def Min Margarita Robles that Israel’s failure to commit to the withdrawal contradicts the promises made to Lebanon during the negotiations preceding the agreement
- President praised the role of the Spanish battalion operating within the UNIFIL in southern Lebanon and the exceptional efforts of UNIFIL commander Maj. Gen. Aroldo Lazaro
BEIRUT: Lebanese President Joseph Aoun on Tuesday reaffirmed Lebanon’s adherence to “the completion of Israel’s withdrawal from the remaining occupied territories in the south within the 60-day deadline stipulated in the agreement reached on Nov. 27, 2024, which expires in four days.”
Aoun told Spanish Defense Minister Margarita Robles, during their meeting at the Presidential Palace, that “Israel’s failure to commit to the withdrawal contradicts the promises made to Lebanon during the negotiations preceding the agreement.”
This, he said, “perpetuates tension in the border villages, prevents establishing stability, delays the return of residents to their towns, and obstructs the reconstruction of what the Israeli enemy destroyed during its aggression against Lebanon.”
Aoun said he had sent several messages to force Israel to withdraw, receiving support from the international community, “which is expected to exert pressure in this regard.”
The president praised the role of “the Spanish battalion operating within the UNIFIL in southern Lebanon and the exceptional efforts of UNIFIL commander Maj. Gen. Aroldo Lazaro, as well as the complete coordination with army units deployed in the international operations area.”
The Spanish minister underlined her country’s “support for the role Aoun is playing in Lebanon’s recovery after the difficult circumstances it has faced.”
She said: “Spain will stand by Lebanon and its people and will continue its work within the international forces,” emphasizing “the necessity of achieving the Israeli withdrawal on time to preserve stability in the south and the progress made so far.”
Robles also highlighted “Spain's collaboration with the EU to assist Lebanon in all fields.”
Meanwhile, Aoun emphasized the importance of rejecting sectarianism.
During a meeting with Sheikh Ali Qaddour, head of the Alawite Islamic Council, who came to congratulate the president, Aoun said: “Lebanon comprises various sects, and this constitutes its wealth. Each sect has its own elites, and it is essential for all groups to have representation in the government, parliament, and public administrations, similar to the representation found within the army.”
Aoun said he hoped to “form a government as soon as possible so that we can create political, economic and security stability so that citizens can live in dignity and not just in luxury.”
Aoun said: “We are at a crossroads; we can either take advantage of the current situation and rise above the trivialities of sectarian, confessional, and political matters, or we may find ourselves in a different place where the fault lies not with others, but with us for failing to fulfill our responsibilities.”
Nawaf Salam, the designated prime minister, is expected to visit Aoun to present the draft list of proposed names for the government.
Salam insists the Cabinet should consist of non-partisan and non-parliamentary figures, comprising 24 ministers.
Aoun is seeking the formation of the government before the deadline for the Israeli withdrawal, so that the new government can address the expected challenges.
Israeli forces carried out more demolition operations in the border area and bulldozed roads linking the inner neighborhoods in the town of Maroun Al-Ras.
Israeli media reported that preparations are ongoing along the border with Lebanon for the establishment of new positions for the Israeli army.
Construction teams are working to set up these new sites, which will primarily be situated between the settlements and the border fence.
After Gaza row, Berlin festival to screen Israeli hostage film
- The Berlin awards ceremony last year saw several filmmakers criticize Israel’s military campaign in Gaza
- Palestinian filmmaker Basel Adra said the local population was being “massacred” by Israel, to applause from the audience
BERLIN: The Berlin Film Festival is set to screen a documentary about an Israeli actor taken hostage by Hamas, organizers said Tuesday, as it looks to move on from a row about alleged anti-Semitism at last year’s edition.
The documentary called “A Letter to David” by Israeli director Tom Shoval recalls his friendship and work with David Cunio who was abducted from his home in a Kibbutz on October 7, 2023.aThe film is a “tender and deeply personal lament” from Shoval, programming co-director Michael Stutz told reporters at a press conference ahead of the February 13-23 festival.
Cunio’s fate remains unknown, with hopes raised by a recent ceasefire agreement that will see Hamas return its captives and Israel release Palestinian prisoners from jails.
The Berlin awards ceremony last year saw several filmmakers criticize Israel’s military campaign in Gaza, which has now killed around 47,000 people and wounded 110,000, according to the Hamas-run health ministry in Gaza.
US filmmaker Ben Russell, wearing a Palestinian scarf, accused Israel of committing “genocide” with its bombardment of the densely populated territory.
Palestinian filmmaker Basel Adra said the local population was being “massacred” by Israel, to applause from the audience.
A spokeswoman for the German government, a staunch ally of Israel, said it was “unacceptable” that the Hamas attack on Israel which triggered the war had not been mentioned at the ceremony.
Berlin’s mayor Kai Wegner called the remarks “unacceptable” and said that there was “no place for anti-Semitism in Berlin.”
Wegner also said that he expected new festival director Tricia Tuttle to “ensure such incidents do not happen again.”
Tuttle said last month that the furor had put some film directors off the festival because of free speech concerns.
“Lots of filmmakers from Arab countries have approached us as well over the last weeks, just to make sure the festival is a space for open dialogue and discourse,” she added on Tuesday.
“Where we can, we like to have individual conversations, and we’d encourage filmmakers to come to us to talk to us about this.”
South Korean director Bong Joon-ho, famed for his 2019 prize-winner “Parasite,” is set to present his new film “Mickey 17” out of competition in Berlin.
The festival has also announced that it will give a lifetime achievement award to British actor Tilda Swinton, who has collaborated with Bong in the past.
Tuttle unveiled the full line up of films for its main competition, which includes work from American director Richard Linklater, South Korea’s Hong Sangsoo, Mexico’s Michel Franco and Radu Jude from Romania.
Linklater is returning for the first time since 2014 when he won a director’s silver bear, the second-highest award, for his epic “Boyhood” that was filmed over more than decade.
UAE’s president receives Afghanistan’s minister of interior in Abu Dhabi
- Sirajuddin Haqqani commends UAE’s humanitarian assistance to Afghan people
LONDON: President of the UAE Sheikh Mohamed bin Zayed Al-Nahyan received Afghanistan’s Minister of Interior Sirajuddin Haqqani on Tuesday at Qasr Al-Shati in Abu Dhabi.
The parties discussed recent news in Afghanistan and ways to enhance bilateral cooperation, particularly in development.
They looked at efforts to support Afghanistan’s stability and promote prosperity for its people.
Haqqani praised the level of cooperation between Abu Dhabi and Kabul and commended the UAE’s humanitarian assistance to the Afghan people, the Emirates News Agency reported.
Yemen’s Houthis say to limit attacks to Israel-linked ships during truce
- “We have informed international shipping companies that our military operations will focus solely on vessels linked to” Israel during the truce, said a Houthi official
- Their campaign has severely disrupted trade routes
SANAA: Yemen’s Houthi militants said Tuesday they would limit their Red Sea attacks to vessels linked to Israel during the ceasefire in the Gaza war.
The Houthis have been attacking shipping in the vital waterway in what they say is solidarity with the Palestinians since November 2023, weeks after Hamas carried out the deadliest attack in Israeli history.
“We have informed international shipping companies that our military operations will focus solely on vessels linked to” Israel during the truce, a Houthi official told AFP on condition of anonymity.
Part of Iran’s “axis of resistance,” the Houthis have also repeatedly launched missile and drone attacks on Israel since the war in Gaza began with Hamas’s October 7 attack.
Among the vessels targeted in the Red Sea and Gulf of Aden were ones the militants believed were linked to Israel, the United States and the United Kingdom.
Their campaign has severely disrupted trade routes, prompting the United States and its allies to conduct strikes against Houthi targets in Yemen.
The Houthi official also said his movement would halt its attacks against Israeli-linked vessels once every phase of the ceasefire agreement between Israel and Hamas was implemented.
The Israel-Hamas deal, announced last week by mediators Qatar and the United States, should see 33 Israeli hostages freed in exchange for around 1,900 Palestinian prisoners in an initial 42-day phase.
A second, unfinalized phase of the agreement should see negotiations for a permanent end to the war.
The third and final phase would deal with the reconstruction of Gaza and the return of the remains of hostages who died in captivity.
On Sunday, the Houthis claimed an attack on an American aircraft carrier and warned of “consequences” for any retaliation during the ceasefire.
The US military, however, dismissed the attack claims as being part of a Houthi “disinformation campaign.”
Israel army chief resigns over October 7 ‘failure’
- Lt. Gen. Herzi Halevi said he was stepping down “due to my acknowledgement of responsibility for the (military’s) failure on October 7“
- Shortly after his announcement, Major General Yaron Finkelman also resigned
JERUSALEM: The head of Israel’s military resigned on Tuesday, taking responsibility for its “failure” to stop Hamas’s October 7 attack, days after a fragile truce took effect following 15 months of war in the Gaza Strip.
In his resignation letter, released by the army, Lt. Gen. Herzi Halevi said he was stepping down “due to my acknowledgement of responsibility for the (military’s) failure on October 7,” but added that he was leaving at a time of “significant successes.”
He acknowledged, however, that the goals of the Gaza war “have not all been achieved,” adding the army would “continue to fight to further dismantle Hamas,” bring back the hostages and enable Israelis displaced by militant attacks to return home.
Shortly after his announcement, Major General Yaron Finkelman also resigned. Finkelman headed Israel’s southern military command, which is responsible for Gaza.
Hamas’s attack, the deadliest in Israeli history, resulted in the deaths of 1,210 people, mostly civilians, according to an AFP tally of official Israeli figures.
It sparked a war that has levelled much of Gaza and, according to the health ministry in the Hamas-run territory, killed 46,913, a majority of them civilians, figures the United Nations has said are reliable.
The attack, which also saw 251 people taken hostage, traumatized Israelis and created an unprecedented crisis for the country’s top leadership.
Ninety-one hostages remain in captivity, 34 of whom the military says are dead.
Prime Minister Benjamin Netanyahu had vowed early in the war to crush Hamas and to bring home all the hostages.
Israeli opposition leader Yair Lapid on Tuesday called on Netanyahu to follow Halevi’s example.
Saying he saluted the military chief for stepping down, Lapid added: “Now, it is time for them to take responsibility and resign — the prime minister and his entire catastrophic government.”
After months of fruitless negotiations, mediators Qatar and the United States announced a ceasefire that took effect Sunday, on the eve of Donald Trump’s inauguration as US president.
