Financial and Banking News
BUDGETS AND REVENUES
Syria Increases Spending Despite Austerity
Despite the austere outlook for Syria's foreign trade account - with steeply declining export revenues and sharp cutbacks on imports - the Syrian budget as recently presented to parliament shows a small overall increase, with total expenditure up 2% to SL43.8bn ($11.2bn at the official rate but only $2.2bn at the free market rate). No details were given of revenue expectations, but the...