Expatriate remittances are playing a crucial role in supporting Syria’s economy, which has been grappling with a shortage of foreign exchange liquidity, according to an economist.
Ali Kanaan, a professor of finance and banking at the University of Damascus, told al-Watan that foreign remittances from Syrians abroad are estimated at $5 to $7 million, sometimes up to $10 million, per day. These funds are contributing significantly to financing basic imports and paying off financial obligations, Kanaan added.
Many Syrian workers who migrated during the crisis have secured good sources of income in the Arab and foreign economies and are sending remittances to their families in Syria, thereby becoming a significant resource in the current circumstances, Kanaan noted.
The economy is in great need of foreign exchange, to import either raw materials or machines and technologies necessary for investment. The policy of raising the exchange rate by the Central Bank has contributed to an increase in transfers through official channels, according to Kanaan.
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.