In October, President Ahmad Al-Sharaa reshuffled Syria’s economic leadership, appointing Omar Al-Halabi as economic adviser and chairman of the Syrian Sovereign Fund, a new industry minister, and a new chief of the Syrian Petroleum Company after a fuel scandal. The new economic strongmen have a difficult task ahead of them as prospects are dimming. The regional war has raised fuel prices, strained Gulf financiers and complicated Syria’s bid to become a transit corridor. Growth forecasts have been trimmed, inflation is high, the pound is weakening and dollarisation is spreading, while the central bank now cracks down on unlicensed exchangers.
