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New measures taken to reinvigorate Syria's sluggish economy
Last Updated: 2013-01-04 11:08 | Xinhua
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A package of new measures has been taken to inject life in the country's dull economy amid official confirmation that the economy is still stable and able to face all challenges despite the continuing unrest that has heavily bore down on all kinds of business.

"The crisis has begun abating and this could be clearly shown by the availability of diesel fuel and cooking gas," said Syria's Minister of Internal Trade and Consumer Protection Qadri Jamil on Thursday.

The country has over the past months suffered from an acute shortage in those two vital items because the flare-up of violence in some areas has hindered their arrival in the capital.

The months-long unrest has cast a dim shadow on all kinds of business in the country. Inflation has hit the record and reportedly reached 48 percent last month.

The Syrian currency also plunged and lost nearly 50 percent of its value. All attempts by the Central Bank of Syria to bring back the pound's value to normal level have been of no avail. The Syrian pound is now trading at 94 for 1 U.S. dollar, up from 70 nearly two months ago.

The depreciation of the Syrian pound has weakened the pound's purchasing value and raised the prices of all commodities.

Jamil stressed that Syria was able to break the siege imposed by most world countries, indicating that the positive impacts would appear within the next few weeks.

He told the state-run TV that the economic situation in Syria is "difficult but it was harder two months ago. The Syrian economy is like the heart that needs arteries to pump blood to and from it, and the most important artery is the internal and external transport and bank transfers."

Jamil blamed the "unjust" western sanctions for the deteriorating economic situation, adding that the strategy of opening new markets with the East is fraught with difficulties as it implies a historical, and political transformation.

Meanwhile, Syrian Prime Minister Wael al-Halqi has lately agreed to form specialized committees to handle the current economic conditions, control prices and combat monopoly.

The committees would study the issues of exempting necessary imports and raw material from fees and taxes and creating a mechanism to ensure the arrival of items and other imported materials from basic centers to other cities that have shortage in those items.

Halqi told a recent Cabinet meeting that Syria is "moving in the correct direction in handling the crisis."

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