Macroeconomic Forecast Syria

The Syrian pound was trading at SYP67.00/US$ on September 20, having lost 6.5% of its value since May 14. As a consequence, imports are becoming increasingly expensive, which is resulting in a sharp uptick in inflationary pressures. As oil export revenues are likely to remain weak over the coming months, the Syrian pound will continue depreciating, and we have set a target of SYP70.00/US$ (for the official market rate) at end-2012.

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