Economic News

Raqqa Races to Swap Old Banknotes Before July 30 Deadline

Residents of Raqqa are lining up at the city's sole exchange point to swap old Syrian pound notes before a 30 July 2026 deadline, as the central bank says it has replaced about 80 percent of the old currency nationwide.

Syria and Iraq Sign Deal to Revive Kirkuk-Banias Oil Pipeline

Syria and Iraq signed two memoranda in Washington on 18 July 2026 to rehabilitate the decades-old Kirkuk-Banias pipeline, targeting about two million barrels of crude oil a day and routing Iraqi oil to the Mediterranean.

Beirut and Damascus to Review 40 Regime-Era Trade Pacts as Commerce Slumps

Lebanon and Syria have formed a committee to review more than 40 economic agreements signed under the former government, aiming to revive trade that fell to about $250 million in 2025 from a peak below $800 million.

Chevron in Talks to Pipe Iraqi Oil Through Syria to Banias, Skirting Hormuz

American energy major Chevron is negotiating with Iraq to revive an 800-kilometer oil pipeline running through Syria to the Mediterranean port of Banias, a route that would carry Iraqi crude to Europe while bypassing the disrupted Strait of Hormuz.

Syria Introduces Daily Fuel Price Reviews Following New Increase

Northeast Syria's Wheat Intake Nears One Million Tons as Harvest Peaks

Wheat reception centers in Al-Hasakah are approaching one million tons as the marketing season peaks, while a grain center in eastern Ar-Raqqa has taken in 31,000 tons and farmer payments begin flowing through the Agricultural Bank.

Syria and Germany Sign Air Transport Deal to Restore Direct Flights

Syria and Germany signed a final air transport agreement in Damascus on 16 July 2026, rebuilding the legal framework for direct flights after years of suspension. Three German carriers have applied to operate routes, timed to the lifting of a flight ban on 27 July.

Syria's Central Bank Holds Dollar-Clearing Workshop With Citibank

The Central Bank of Syria and US lender Citibank held a consultative workshop in Damascus in mid-July 2026 on correspondent banking and US dollar clearing mechanisms, focused on cross-border payments and settlement infrastructure.

Syria Raises Octane-90 Petrol to 14,000 Pounds a Liter in 12% Fuel Hike

Fuel stations across Syria began charging higher pump prices on 16 July 2026, with octane-90 petrol rising to 14,000 Syrian pounds a liter and diesel to 12,000, increases of about 12 percent. Cooking and industrial gas cylinders were left unchanged.

Gulf Developer Plans $20 Billion Housing Push in Damascus and Latakia

A Gulf real estate group has outlined a $20 billion plan to build housing, resorts, and public facilities in Damascus and Latakia, with construction slated to begin within months under a company jointly owned by the state and private investors.