Syria's president decrees 50% salary hike amid harsh crisis
Jul 11, 2021
Syria's President Bashar Assad has issued a decree giving hundreds of thousands of civil servants and military members a 50% salary increase amid a harsh economic and financial crisis and price increases for vital products
DAMASCUS, Syria (AP) — Syrian President Bashar Assad issued a decree Sunday giving hundreds of thousands of civil servants and military members a 50% salary increase amid a harsh economic and financial crisis and price increases for vital products.
Assad’s decision came a day after the state doubled the price of bread, the country’s main staple, and increased by 180% the price of diesel fuel.
The Syrian economy has been hard hit by a decade of war, Western sanctions, widespread corruption and most recently a severe economic and financial crisis in neighboring Lebanon. The last salary increase was announced in November 2019.
The decree released by Assad’s office put the minimum monthly income at 71,515 Syrian pounds ($22). It also granted military and civilian pension holders an increase of 40% in the retirement pension.
The U.S. dollar is trading at about 3,200 pounds on the black market while the official rate is 2,500 pounds.
Nearly 80% of Syrians live in poverty, and 60% are food insecure — the worst food security situation ever seen in Syria, according to the United Nations.
More News
M.L.B. Playoff Ads With Sydney Sweeney and Megan Fox Draw Backlash
Commercials with Sydney Sweeney promoting a gambling platform and Megan Fox endorsing male enhancement have rankled fans, and even athletes. Who is in charge?
Netflix Hurries to Rewrite Its Narrative With Layoffs and a Sudden Firing
Despite strong revenues and profits, the streaming service cut 1,000 jobs and jettisoned its chief content officer. Drops in the stock price and viewer engagement are to blame.
Why Bad News in the Bond Market May Be Good News for Investors
In the contrarian logic of investing, rising interest rates have made bonds much more attractive, our columnist says.
U.S. Budget Deficit Nears $2 Trillion, a Reality Check for Trump’s Cost Cutting
Higher interest rates are inflating borrowing costs as the Trump administration spends on the Iran war and tariff refunds.
Indonesian Stocks Plunge as MSCI Threatens to Drop Market from Indexes
The potential downgrade by MSCI, an influential index provider, adds to a deepening crisis of investor confidence in the economic policies of President Prabowo Subianto.
Warsh Vows to Tame Inflation as A.I. Delivers ‘Shock’ to Economy
The Federal Reserve chairman stuck to his pledge to avoid providing guidance about the path forward for interest rates, but did nothing to convey an urgency to raise them later this month.
A new railway corridor: How Nanning links Chinese and ASEAN markets
A new railway corridor: How Nanning links Chinese and ASEAN markets
Watch: Did Tesla really just unveil a flying car?
Tesla CEO Elon Musk showcased the vehicle at a facility owned by his SpaceX company, which helped develop the model.
China and Europe are building new connections in aerospace
China and Europe are building new connections in aerospace – from skies to stars. On the one hand, their deep industrial partnership is scaling global civil aviation to new heights. On the other hand, scientific collaboration is opening new possibilities for space exploration and deepening our understanding of the Sun-Earth system.
BizTalk | Exclusive interview with Former PM of Bosnia and Herzegovina
In this episode of BizTalk, CGTN's Guan Xin speaks with Zlatko Lagumdzija, former prime minister of Bosnia and Herzegovina, about China's development and its role in global governance.
When Will the Fed Move on Rates?
Kevin Warsh, the central bank’s chairman, suggested he wouldn’t push to raise borrowing rates this month. But persistent inflation may force the Fed’s hand.
Banks expect to be hit with higher taxes in Budget
Senior banking executives have told the BBC they expect to be "on the menu" in the chancellor's Budget tax later this month.