In the months following the Assad regime’s collapse, Syria witnessed a dramatic inflation reversal, from 109.5% in February 2024 to -15.2% a year later.  What caused this?

-Elimination of key import duties.

-Suspension of sanctions and renewed international engagement.

-Appreciation of the SYP.

-Removal of internal trade barriers and “Al Damimah” fee.

-Unified customs tariff, impacting regions differently.

Yet, this deflation hides a fragile recovery. Gas and bread costs surged after subsidy cuts, and the stronger SYP owes more to strict cash controls than real economic gains.

Issue 7 of Syria in Figures unpacks these dynamics.

Full issue.