The Central Bank of Syria reports that its measures helped curb inflation in the country

The Central Bank of Syria announced that its monetary measures had a positive effect on curbing inflation in the country, and its rate fell.

Manhal Janim, director of economic research, general statistics and planning at the bank, explained that in light of the monetary measures taken by the bank in 2022, especially the decision to raise interest rates from 7 to 11 percent on deposits for a month, “inflation is curbed.” Its annual overall rate fell from 118.8 percent, according to the Central Bureau of Statistics for 2021, to 51 percent, according to World Bank forecasts for 2022, noting that this rate, according to the Central Bank of Syria, reached 59.5 percent for 2022.

In statements released by the “Syrian Central Bank” through its social media accounts, Janim said that the decision of the Monetary and Credit Board (No. 68 of 2022) “positively affected the liquidity structure on both sides of the single budget of public and private banks.”

He explained that the total volume of deposits in private banks has increased by 841 billion Syrian pounds since the decision was made until November 2022, with a growth rate of 17 percent.

Term deposits also increased during this period by 14 percent, and the share of term deposits in the total volume of deposits amounted to 24 percent.

Janim indicated that the total amount of deposits in state-owned banks increased over the same period by 1495 billion Syrian pounds with a growth rate of 18 percent, while the growth rate of term deposits reached 22 percent, and the relative weight of term deposits in total deposits in this period reached 35 percent. .

Source: RT