Maysaa Sabrine Named as the First Woman to Lead Syrian Central Bank: Report
Maysaa Sabrine has been named the governor of the Syrian central bank, becoming the first woman to ever hold this position in its 70-year history.
Central bank governor
Sabrine, the new central bank governor, was previously the deputy governor of the Central Bank of Syria, where she focused on managing the country’s banking sector, according to Reuters.
She takes over from Mohammed Issam Hazime, who led the central bank from 2021 until President Bashar Al-Assad was removed from power by rebel forces on December 8.
Since December 2018, Sabrine has also served on the board of directors for the Damascus Securities Exchange, representing the central bank, as reported by Anadolu news agency.
She is the second woman appointed by the new government in Damascus, following Aisha al-Dibs, who now leads the Women’s Affairs Office.
Recent changes
Since Assad was removed from power, the central bank has been working to change the economy from being mostly controlled by the government to a more free-market system. This includes removing the need for government approval for imports and exports, as well as loosening control over foreign currency use.
US sanctions on the Syrian central bank have not been lifted yet.
The central bank still holds about 26 tons of gold, the same amount it had at the start of the civil war in 2011, according to Reuters. However, its foreign exchange reserves have dropped from around $18 billion before the war to only about $200 million now.
During Assad’s removal, some looters briefly accessed parts of the central bank and took Syrian pounds, but the main vaults were not broken into.
Economic losses
Syria’s economy has shrunk significantly. In 2010, Syria’s GDP was $60 billion, but by 2024, it dropped to $29.3 billion. The GDP per person also decreased from $2,800 to $1,600 during this time, according to Anadolu news agency.
From 2011 to 2023, the Syrian pound lost value 270 times compared to the US dollar. This caused inflation to soar, reaching 64% in 2022 and 141% in 2023. For 2024, inflation is expected to be 95.1%.
The Syrian economy has likely lost at least $500 billion and could have lost up to $1 trillion over the last 13 years of civil war, according to S&P Global Market Intelligence, as reported by Forbes Middle East.
Published: 31th December 2024
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