Egypt News | Latest News / UAE supports Assad with dollars: Currency shipments from Abu Dhabi to Damascus


Identical sources revealed to Al-Araby Al-Jadeed that the UAE sent large amounts of dollars to the regime of Bashar al-Assad in Syria, and that this is what is behind the improvement in the price of the Syrian currency, in light of the continuing decline of all factors of strength and stability of the pound and the deterioration of various sources of foreign exchange. The Syrian pound continued to improve against the US currency, winning about 400 pounds during the last twenty days, currently recording about 2,600 pounds to the dollar, after it reached during the year 2000 the limits of 3000 pounds against the green paper twice, the first in June and the second in mid-November. Second last.

A former high-ranking Syrian official from the capital, Damascus, confirmed to Al-Arabi Al-Jadeed that “the UAE is the one that sends money to the Bashar al-Assad regime,” but not through the open methods that some media outlets circulate, indicating that a large part of Bashar al-Assad’s regime’s funds and investments are in the UAE, as well as “The sister of the president of the regime, Bushra al-Assad, and as a result of her presence and her relations with the Emirates, increase the flow of funds to Syria.”

The official, who requested anonymity, added that the Abu Dhabi government has settled its position on the dispute between Bashar al-Assad and his wife Asma with Rami Makhlouf, and has stood by Assad despite Makhlouf’s investments in the UAE and the establishment of his son and his previous relationships, but the Crown Prince of Abu Dhabi, Mohammed bin Zayed, is betting on Assad. Until now, pending the complete completion of the file of the region’s disputes. ”On the reasons for the UAE’s financial support for Assad, despite the uncertainty of the future and perhaps the final loss of these funds by Abu Dhabi, the official said: There are many reasons that push the UAE to provide the Syrian regime with all ways to survive and not collapse Including its disagreement with Turkey in the first place, referring to Abu Dhabi’s reluctance to support Assad in previous periods and during the issuance of the American “Caesar” law on June 17 last, but today it returned more and more openly to support it, as if the signal came to follow up support to keep the Syrian situation in A vacillating situation is far from any solution for the time being until the mid-term presidential elections next year.
Media reports circulated by many well-known websites, including Al-Khaleej Online, recently published what it called the details of a shipment of dollars sent from the UAE to the head of the Syrian regime, Bashar Al-Assad, via the former Dubai police chief, Dhahi Khalfan, as part of a secret deal between the two countries. These reports said that a Syrian plane arrived at the Mezzeh military airport in the capital, Damascus, coming from the Emirates with a large shipment of dollars, indicating that the plane was a “Toplive”, which belongs to the Syrian Aviation Company, and that the hard currency was sent by Bashar Al-Assad’s sister who lives in Dubai. To support attempts to stop the bleeding of the pound against the dollar, in coordination with the authorities in Abu Dhabi.

Reports indicate that Khalfan was the one who supervised the transfer of funds sent by Bushra al-Assad, which was received by the governor of the Central Bank of Syria, Hazem Karfoul, to later appear direct interventions in the market, which led to the decline of the exchange rate to about 2,600 pounds to the dollar after it reached about 3000 pounds last month. Lire. In this context, the Syrian economic academic, Abdel Nasser Al-Jassem, wonders about the secret of this economically unjustified recovery of the local currency, as long as the trade balance is lost and the dollars that go out from Syria to import oil derivatives, wheat and food products are much more than what Syria gets from exporting some vegetables Fruits and clothing.
Al-Jassem added to “Al-Araby Al-Jadeed”: We do not see any economic or even political-psychological newcomer pushing the Syrian pound to achieve all these gains, as the Assad regime almost declared bankruptcy and obligated the private sector to import wheat and oil, and even bartered Syrian products for some market needs with other countries. , In addition to the depletion of the central bank’s dollar reserves during the war years, from $ 18 billion in 2010 to about $ 600 million now, or even tourism is paralyzed altogether. He asked: Where do the dollars come from to directly intervene in the market, as we finally notice?
The Syrian economist is likely that the UAE will continue to fund the Assad regime directly, whether by sending money or even facilitating trade exchange and correcting relations with Saudi Arabia, which was reflected in the increase in Syrian exports to the Kingdom or even by a meeting that included officials from the two countries in addition to Egypt, finally, to re-market and produce the system. Syrian. Al-Jasem concludes by saying that financing the UAE and others is like a sedative and not a solution to the collapse of the Syrian Pound or the deterioration of the Syrian economy.

On the other hand, sources from the Syrian capital revealed to Al-Arabi Al-Jadeed that the dollar had been available in the Syrian market for twenty days, but the circulation and exchange movement was very limited due to the decree criminalizing dealing in other than the Syrian pound and the official price difference from the market price. Private sources indicate that financing some commercial goods returned today, after the central bank stopped supporting traders, and the central bank funded importers at the official dollar rate (1250 pounds) for importing medicines and some food products, which indicates the availability of a dollar in the state.
However, commodity prices remained high and were not affected by the improvement in the exchange rate, which the sources described as “fake”, revealing that commodities were out of the market, especially diesel, and the scarcity of supplies of bread, food products and oil derivatives. Finance professor Firas Shaabo believes that the regime invests a lot with these “rumors” to manipulate the market and achieve huge profits, as after the decrees criminalizing dealing in foreign currencies and speculation, no one outside the system’s circle can enter and speculate in the markets.
Shaabo confirmed to Al-Arabi Al-Jadeed that Gulf countries continue to support the Assad regime, either directly or through investments and indirect methods, but the recent improvement of the Syrian Pound was remarkable, as we did not witness this recovery during what was said about Russian, Chinese and Iranian investments.
Shaabo points out that the Syrians pay the price doubled, so when the price of the lira collapses, the prices rise, but they do not fall when the exchange rate improves, considering the problem of the Syrian economy has become structural and deep and cannot be solved with Emirati financial support, even if the disease dwells and revives the lira for some time. It is noteworthy that the exchange rate of the Syrian pound did not exceed 50 pounds against the dollar at the beginning of 2011.

Date: 2020-12-03


Please enter your comment!
Please enter your name here