Syria revives Soviet-inspired laws to slow economic meltdown, save currency

Lebanon’s financial collapse is having repercussions beyond its borders, as Syrian President Bashar Assad revives Soviet-inspired laws to halt the meltdown of the Syrian economy.

Since the outbreak of hostilities in 2011, Damascus has fought an economic war in tandem with its military one, as it sought to accommodate the cost of nine years of civil war and manage the effects of ever-tightening sanctions.

As the pressure on the Syrian pound grew, so did the importance of the neighbouring Lebanese economy, a long-time financial lifeline to Syria. Since the collapse of the Lebanese economy last year, Damascus has been facing increased domestic pressure, leading Assad to revive 1980s-era penalties for economic crimes.

Read the full story and more in The Arab Weekly.