3 July 2016 – MESOP – President Bashar al-Assad has named Syria’s new Government, making few changes in key positions. – On June 22, Assad replaced Prime Minister Wael al-Halqi with Electricity Minister Emad Khamis. The confirmed Cabinet on Sunday left the Foreign, Defense, and Interior Ministers in place.The most significant change was the naming of Central Bank head Adib Mayaleh as Economy Minister.Mayaleh recently handled the crisis over Syria’s currency, which has lost almost 90% of its value since the beginning of protests in March 2011.
The Syrian pound fell as low as 640:1 vs. the US dollar in May before a series of measures and outside assistance checked the fall and brought some recovery. The pound is now about 480:1 vs. the dollar.
Syrian GDP has fallen about 15% per year in a conflict which has cost an estimated $275 billion by the end of 2015. www.mesop.de