Syrian President Issues Decree To Increase Salaries, Pensions As Currency Losing Value

Syrian President Bashar Assad on Thursday issued a decree to increase the salaries of civilian and military employees and another decree to increase pensions for retired state employees, the press service for the head of state said

DAMASCUS (UrduPoint News / Sputnik - 21st November, 2019) Syrian President Bashar Assad on Thursday issued a decree to increase the salaries of civilian and military employees and another decree to increase pensions for retired state employees, the press service for the head of state said.

"Due to economic changes and their consequences ... President Assad issued the decree ... to increase monthly salaries of civilian and military employees by 20,000 Syrian Pounds [$46]," the statement said.

The second decree stipulates the increase of pensions for retired state employees by 16,000 Syrian pounds. This decree also sets the minimum wage for employees of the public and private sectors at 47,675 Syrian pounds ($110).

In mid-November, the Syrian pound exchange rate hit a historic low, and according to local media, exceeded 700 Syrian pounds per one US Dollar on the black market, with a constant official rate of 434 Syrian pounds per dollar.

By Thursday, the rate reached 750 Syrian pounds per dollar. Due to the Syrian pound's decrease in value, food prices grew by 20 percent in the country.

The fall of the Syrian national Currency comes amid the events in neighboring Lebanon, where protests have recently forced banks to restrict operations and, in particular, restrict the disbursement of Dollars. In addition, the situation has been exacerbated by economic sanctions against Syria and the destruction of a significant number of industries during the war.