- Posted March 13, 2012 by
War in Syria: Slow Death of Syrian Consumer
A woman buys tomatoes at a street market in Idlib, north Syria, March 6, 2012. The United States proposed a new Security Council resolution Tuesday, demanding an end to the violence in Syria, first by government forces and then by opposition fighters in hopes of overcoming opposition from Russia and China. (AP Photo/Rodrigo Abd)
Story source: www.Credit-Land.com
Syria - a beautiful land of olden traditions and bustling markets is trending news with Syrian forces executing ten people last Friday and two journalists killed, a French reporter wounded in a rocket attack, and at least ten more people killed when a shell hit demonstrators this week. Can Syrian consumerism survive this War and Violence?
Can Blossoming Syrian Consumerism Survive in the War Zone?
Syrians are suffering not only from the bloody war they find themselves in the middle of, they also now are feeling the pinch of the US sanctions, and their only hope is that President Bashar al-Assad will stop his bloody campaign against those who want him to step down.
Since the conflict started in 2011, Syria`s economy has suffered, but, surprisingly, real estate prices have continued to rise, leaving Syrians struggling to afford housing. Syrian banks have stopped lending and the US has put sanctions in place. No U.S. banks are currently operating in Syria, and Visa and MasterCard have ceased doing business in Syria due to the sanctions.
While the World is contemplating on how to help Syrians, the assets of Syria`s central bank are going to be frozen by the European Union, said France`s foreign minister, in an effort to stop the violent crackdown on the uprising again President Bashar al-Assad, which has killed more than 4,000 people, according to United Nations estimates.
"Trade in Syrian public bonds and the provision of insurance and reinsurance to the Syrian government will be prohibited in the EU," the 27-nation bloc said yesterday in a statement. "Syrian banks will no more be allowed to neither open new branches in the Union nor establish joint ventures or correspondent banking relations with European financial institutions."
Because of the current dangerous conditions in Syria, the only people traveling there are likely to be journalists covering the story, but Americans who are visiting Syria would do well to bring a small amount of US currency with them, as they will not be able to use credit cards anywhere in the country, and Traveler`s Checks will not be accepted either. For now, they can still exchange their money for Syrian pounds with licensed moneychangers, the Commercial Bank of Syria, the Real Estate Bank, or at private banks inside four or five-star hotels, but not for long: At the Damascus International Airport, getting Syrian pounds is already difficult, and change counters accept US dollars only.