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Economic Turmoil in Syria as Ramadan Approaches

Facing a cash shortage and stringent withdrawal limits, Syrians grapple with an economic crisis during the holy month of Ramadan.

By Raja Abdulrahim and Kiana HayeriSource: nytimes.com1 min read
Economic Turmoil in Syria as Ramadan Approaches
Image via nytimes.com

In brief

As Ramadan nears, Syrians in Damascus confront significant challenges due to cash shortages and new bank restrictions following the ousting of the Assad dictatorship. With strict daily withdrawal limits, many find it hard to afford basic necessities for the holiday.

Days before Ramadan's arrival, long lines have formed outside banks in the Syrian capital, Damascus, as citizens wait for hours to withdraw minimal cash—roughly $15—needed for the holiday festivities. Post-Assad's regime, the new government's economic policies have led to severe limitations on daily bank withdrawals, complicating what typically is a celebratory time for families preparing to mark Ramadan.Sleiman Dawoud, a 56-year-old civil engineer, complained that the meager cash withdrawals barely cover the cost of essential items, saying, “That can buy maybe a kilo and a half of meat. But what about the bread, and vegetables and fruits? Ramadan is coming, and we need to spend.” Ra’if Ghnaim, a 75-year-old retiree, expressed concerns about how to uphold traditional gifts for children as financial insecurity looms. "How are we going to celebrate and give gifts to the children?” he pondered while awaiting his small cash withdrawal. With this Ramadan marking three months since the removal of the Assad dictatorship that ruled for over fifty years, the newly established rebel coalition has initiated various economic reforms. However, these have not yet translated into tangible benefits for the early-stage economy, leaving many citizens struggling to meet their basic needs as the holy month approaches.

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