Latest economic and financial news about Syria, currency markets, and regional economy updates.
Syrian President Ahmad al-Sharaa issued Decree 117 of 2026, exempting customs violations committed before 8 December 2024 from fines, with violators given six months to settle outstanding duties and taxes. Central Bank of Syria penalties on the same cases are waived.
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Syrian President Ahmad al-Sharaa issued Decree 107 of 2026 on 17 May, reconstituting the National Import-Export Committee. The head of the customs and border crossings authority remains chair, joined by four ministers and five other senior officials.
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Syria's transport sector is undergoing its biggest reshape in over a decade, with port concessions to CMA CGM and DP World worth more than one billion US dollars and a $5.5 billion plan to rebuild the rail network.
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Two Syrian economists describe how a phantom-importer scheme uses front companies to evade customs duties and drain foreign currency. The Finance Ministry imposed a 2% tax advance on importers on 24 March 2026 to counter the practice.
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Syria's Ministry of Finance raised consumption fees on imported tobacco, cement, marble and luxury items by 5 to 20 percentage points, with retroactive collection from 8 December 2024, already lifting cigarette prices 7 to 8 percent before the 1 June effective date.
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Live lamb prices in Syria have more than doubled in weeks ahead of Eid al-Adha, with the per-kilogram price in one Rif Damascus market climbing from 6,000 to 9,300 Syrian pounds as supply tightens and feed costs surge.
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UAE e-commerce platform Noon opened its first office in Damascus on 16 May 2026 during a UAE business delegation visit, as billionaire Mohamed Al-Abbar signaled wider plans including two reported Eagle Hills projects valued at $50 billion.
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Lebanese Transport Minister Fayez Rasamny announced a tender to modernize and design a rail line from Tripoli to the Aboudieh crossing on the Syrian border, with technical studies expected within six months.
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Syria's Tourism Ministry has begun a 30-month rehabilitation of the four-star Carlton Hotel in Idlib, which will reopen with about 76 rooms, restaurants, event halls, and a new commercial boulevard.
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