Syria is trying to save at least some budget money to buy wheat

Published 2021년 8월 23일

Tridge summary

Syria is imposing a ban on the import of various goods including cheddar cheese, cashews, and mobile phones in an effort to conserve its dwindling foreign exchange reserves to purchase wheat. The war-torn country's economy has been devastated by a decade of civil war, leading to a sharp decline in the value of the Syrian pound. The government has asked the Ministry of Economy and Foreign Trade to suspend imports for six months. The ban highlights the challenges of rising crop prices, especially in import-dependent countries, with wheat prices surging after adverse weather conditions damaged production in several countries, including Canada and Russia. The Syrian wheat crop has also been severely hit this season.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Syria is blocking the import of goods. A variety of commodities have been banned, from cheddar cheese to cashews and mobile phones, as the war-torn country tries to save its dwindling foreign exchange reserves for wheat purchases. On Monday, the central bank asked the Ministry of Economy and Foreign Trade to suspend imports for six months, state news agency SANA reported. The government is struggling to find money for imports as a decade of civil war devastated the economy. While restrictions on the purchase of hard currency have been in place for many years, outright bans on foreign goods are rare. The value of the Syrian pound fell sharply due to the worsening dollar shortage. It is now trading at about 3,300 per dollar, up from the pre-war 50. Chart 1. Largest importers of wheat The latest restrictions also highlight the burden of rising crop prices on buyers, especially in poorer, import-dependent countries. Wheat prices ...

Source: Zol