Syrians hope for economic recovery after West lifts sanctions

At a currency exchange in Damascus, Anas al-Shammaa is one of many Syrians hopeful that promised relief from Western sanctions will help revive their country’s economy after years of war and isolation.

- MAHER AL-MOUNES

“We were totally cut off from the world,” said Mr Shammaa, 45, who has been running the exchange shop since 2008.

With the lifting of sanctions, “we hope that the Syrian economy will start to recover both gradually and quickly’, he told AFP.

Syria's economy plunged into crisis during the years of civil war, which erupted in 2011 with former ruler Bashar al-Assad’s brutal repression of anti-government protests.

Western countries imposed crippling sanctions on Syria, including on dealing with financial institutions linked to Mr Assad’s government, and froze the central bank's assets.

Last week, more than five months after Mr Assad’s ouster, Washington announced it would lift sanctions on Syria, and on Tuesday the European Union said it would also remove economic restrictions, sparking hope among Syrians of an economic reboot.

But experts have warned it will take time to see real relief, with the new authorities also needing to take steps to attract investment.

Mr Shammaa expressed hope that “the central bank will be reconnected with international banks and that commercial activity will become easier.” He also hoped that Syrians abroad will be able to more easily send money home to their families.