Latest economic and financial news about Syria, currency markets, and regional economy updates.
Finance Minister Mohammad Yusur Burniah told the Damascus Countryside Chamber of Commerce on 14 May 2026 that Syria's new tax framework will cut rates and simplify procedures in exchange for stronger compliance.
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Economy Minister Nidal al-Shaar named Muhammad Mounia president of the new Syrian-Hungarian Business Council on 14 May 2026, the second such joint body announced this month after a parallel decree on Egypt.
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Syria's state oil firm signed a memorandum in Damascus on 12 May 2026 with three global energy majors to assess offshore oil and gas potential in Block 3 near Latakia, marking the first such partnership with TotalEnergies since 2011.
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Saudi Arabia has pledged $1.5 billion to Syria's 'Without Camps' initiative, the foreign ministry disclosed at a Damascus workshop on 13 May 2026, framing the funds as a catalyst for rehabilitating return areas in Aleppo, Hama, and Idlib.
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The Syrian and Moroccan foreign ministers announced the mutual reopening of embassies and the establishment of a joint business council during a meeting in Rabat on 14 May 2026, restoring ties suspended since July 2012.
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Syria's consumer protection directorate sealed a private mill in rural Damascus on 14 May 2026 after inspectors found it had diverted roughly 30 tons of subsidized flour into the open market.
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Sheep prices in Hasakah opened at 4 million Syrian pounds before Eid al-Adha, with premium Harji rams reaching 20 million, while traders reported notably weaker demand than in previous years.
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The Syrian Development Fund earmarked $15 million for education, healthcare, economic empowerment, war-debris removal, and early warning, while disclosing $83 million in pledges and 46% collection through the first quarter of 2026.
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The Syrian state will pay salaries for some 50,000 administrative employees and 15,000 internal security personnel in the northeast under the integration agreement, while the Nusaybin border crossing with Turkey is set to reopen, the SDF commander said on 14 May 2026.
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Syria's transport minister and a World Bank delegation met in Damascus on 13 May 2026 to set the next steps for financing a rail rehabilitation project linking Europe to the Gulf via Turkey, Syria, Jordan, and Saudi Arabia.
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