Yasser Akreem, a member of the Damascus Chamber of Commerce, expressed concerns over outdated and complex economic laws in Syria, which he believes are exacerbating market instability and driving up prices. In an interview with Al-Baath newspaper, Akreem emphasized that the economic regulations established before the Syrian crisis no longer serve the current realities, stressing the urgent need for comprehensive reforms that align with the post-crisis economic environment.
Akreem highlighted that the existing laws are difficult for many importers to navigate, contributing to the rising cost of goods in the market. He also pointed out that these legal obstacles have intensified black market activity, which has been persistent and is now on the rise. This is further compounded by slow capital circulation, creating additional barriers for businesses. According to Akreem, the current economic climate calls for a more flexible legislative framework that can stimulate business operations, particularly by addressing the restrictive procedures imposed by the Central Bank on import and export transactions.
He called for easing or completely removing the stringent regulations that restrict access to the Syrian lira from banks, noting that these measures have not successfully curbed inflation, stabilized the exchange rate, or reduced the trade deficit. Instead, they have had the opposite effect, leading to a decline in production, market competitiveness, and investment rates.
Despite a stable exchange rate, Akreem pointed out significant market imbalances, with high prices driven by rising energy and electricity costs, as well as challenges related to import restrictions and a decreasing number of importers due to the complexities surrounding import laws.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
