Latest economic and financial news about Syria, currency markets, and regional economy updates.
Syria's state railway and the Latakia container terminal operator signed a four-month memorandum on 19 May 2026 to study container rail traffic between the port and dry ports in Adra, Hasiya, and Aleppo, ahead of a rail concession contract.
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Syria's customs authority on 19 May 2026 detailed wide cuts in a new Harmonized Customs Tariff, dropping the duty on clinker from 13 US dollars to 7 USD per ton and on finished imported medicines from 3,000 USD to 500 USD per ton.
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A trial freight train completed the run from Latakia port to the Adra industrial station near Damascus on 19 May 2026, restoring service on a corridor that had been idle since 2011.
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The Syrian Petroleum Company restarted full operations at the Banias refinery on 18 May 2026 after completing scheduled maintenance. The country's second-largest plant resumed processing crude across its distillation, improvement, and hydrogenation units.
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Sugar, rice, oil and lentils climbed by more than a fifth across Syrian markets last week, with daily price changes and no official tariff in place, as the pound traded above 140 against the US dollar.
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Iraq's state oil marketer has asked Damascus for transit facilities to ship crude to the port of Banias, while a first 200-vehicle UAE shipment moved through Syria for re-export via Latakia in April 2026.
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Syrian Finance Minister Mohammed Yisr Berniyeh presented the country's financial reform agenda at a closed G7 finance ministers' session in Paris on 19 May 2026, drawing public backing from IMF chief Kristalina Georgieva and World Bank President Ajay Banga.
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Syrian President Ahmad al-Sharaa issued Decree 109 enacting a 264-article general customs law that replaces 2006 Laws 37 and 38, alongside Decree 110 setting a new harmonized tariff schedule effective 1 June 2026.
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Live lamb in Syria has climbed above 7 US dollars per kilogram as continued exports of Awasi sheep to Gulf markets — including a 400-ton red-meat contract with Jordan — drain local supply before Eid al-Adha.
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President Ahmad al-Sharaa adopted a new harmonized customs tariff schedule that takes effect on 1 June 2026 and replaces two decrees dating back to 2001 and 2014.
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