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Sanctions as “Smokescreen” to Raise Prices; Economist Confirms Sanctions do not Impact Food and Medicine Prices

Economist Ammar Yusuf claimed that sanctions are used by traders as a pretext to increase prices, Athar press reports.
Sanctions as “Smokescreen” to Raise Prices; Economist Confirms Sanctions do not Impact Food and Medicine Prices

According to economist doctor Ammar Yusuf, Syrians are suffering from artificial price hikes, as traders use sanctions as a pretext to increase their prices. But Yusuf stressed that, in fact, European sanctions have no impact on food nor on pharmaceutical prices.

“These sanctions do not impact prices, so there is no valid argument for the inflation the country is witnessing,” Yusuf told the al-Mukhtar radio show.

Separately, Ammar Yusuf discussed the investment law, explaining that it will not bear fruit until the exchange rate of the Syrian pound is permanently fixed. This policy would ensure that investors do not suffer any loss due to currency fluctuations.

According to Yusuf, several points must be considered for the new investment law’s objectives to be fulfilled; most importantly, a mechanism must be created to allow investors to inject and withdraw foreign currency. 

“Investors must benefit from electricity provided to factories and gasoline for vehicles,” Yusuf said. “It is also necessary to facilitate efficient litigation procedures and reach quick resolutions to investment disputes.”

The economist also pointed out that the transfer of funds exceeding 5 million Syrian pounds between governorates does not encourage investment. In addition, the process of withdrawing funds from banks creates obstacles for the investment process.

Yusuf also confirmed that although the real estate sector accounts for more than 70 professions, the real estate sales law has completely paralyzed the sector, with no sales or purchases taking place.

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.

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