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Syrian Regime Launches Campaign Against Businessmen to Back the Lira

A currency exchange shop in Syria's Azaz. Reuters file photo
A currency exchange shop in Syria's Azaz. Reuters file photo
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Syrian Regime Launches Campaign Against Businessmen to Back the Lira

A currency exchange shop in Syria's Azaz. Reuters file photo
A currency exchange shop in Syria's Azaz. Reuters file photo

The Syrian regime is forcing entrepreneurs and businessmen to pay millions of US dollars to the Central Bank to save the country from bankruptcy.

A meeting held at the Sheraton Hotel in Damascus on Saturday was attended by Syria’s Central Bank Governor Hazem Karfoul, and businessmen Samer Foz, Mohammad Hamsho, Waseem al-Qattan, brothers Hossam and Bara’ al-Katerji, in addition to Ghassan al-Qala'a, chairman of Damascus Chamber of Commerce. It aimed to discuss an initiative announced by the businessmen to increase the deteriorating value of the Syrian lira to the US dollar.

The gathering was held behind closed doors and under strict confidentiality. Later, reports said that Foz had made a 10-million-dollar pledge to support the Syrian lira.

Economic experts told Asharq Al-Awsat that the Central Bank governor is exerting pressure on the businessmen to release funds.

Other than Foz, none of them announced following Saturday’s meeting, his intention to secure funds.

“The businessmen believe the regime is seeking to take over their assets, despite having amassed their great wealth illegally and under the gaze of the regime,” the experts said.

Persons familiar with the meeting told Asharq Al-Awsat that following two hours of closed-door talks, none of the conferees made a statement to the press.

On its Facebook page, the Damascus Chamber of Commerce said that participants agreed to deposit money in US dollar, each according to his ability, in an attempt to increase the value of the Syrian pound against the dollar.

Early this month, Damascus residents were shocked after the Syrian pound weakened to its lowest level as the pound closed at 691 against the dollar in the streets while it stood at 438 pounds per dollar at the daily benchmark set by the Central Bank.

The regime’s campaign against Syrian businessmen started when reports said that head of the Syrian regime, Bashar Assad, ordered measures against companies owned by his cousin, Rami Makhlouf, in Syria.

The measures involved action against Makhlouf’s shares in the state-owned Syrian Telecom Company (Syriatel), the country’s biggest mobile phone company.

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UN Food Agency Says Its Food Stocks in Gaza Have Run out under Israel’s Blockade

A girl puts a pot to her head as Palestinians wait to receive food cooked by a charity kitchen, in Beit Lahia, northern Gaza Strip, April 24, 2025. (Reuters)
A girl puts a pot to her head as Palestinians wait to receive food cooked by a charity kitchen, in Beit Lahia, northern Gaza Strip, April 24, 2025. (Reuters)
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UN Food Agency Says Its Food Stocks in Gaza Have Run out under Israel’s Blockade

A girl puts a pot to her head as Palestinians wait to receive food cooked by a charity kitchen, in Beit Lahia, northern Gaza Strip, April 24, 2025. (Reuters)
A girl puts a pot to her head as Palestinians wait to receive food cooked by a charity kitchen, in Beit Lahia, northern Gaza Strip, April 24, 2025. (Reuters)

The World Food Program says its food stocks in the Gaza Strip have run out under Israel’s nearly 8-week-old blockade, ending a main source of sustenance for hundreds of thousands of Palestinians in the territory.

The WFP said in a statement that it delivered the last of its stocks to charity kitchens that it supports around Gaza. It said those kitchens are expected to run out of food in the coming days.

Some 80% of Gaza’s population of more than 2 million relies primarily on charity kitchens for food, because other sources have shut down under Israel’s blockade, according to the UN. The WFP has been supporting 47 kitchens that distribute 644,000 hot meals a day, WFP spokesperson Abeer Etefa told the Associated Press.

It was not immediately clear how many kitchens would still be operating in Gaza if those shut down. But Etefa said the WFP-backed kitchens are the major ones in Gaza.

Israel cut off entry of all food, fuel, medicine and other supplies to Gaza on March 2 and then resumed its bombardment and ground offensives two weeks later, shattering a two-month ceasefire with Hamas. It says the moves aim to pressure Hamas to release hostages it still holds. Rights groups have called the blockade a “starvation tactic” and a potential war crime.

Israel has said Gaza has enough supplies after a surge of aid entered during the ceasefire and accuses Hamas of diverting aid for its purposes. Humanitarian workers deny there is significant diversion, saying the UN strictly monitors distribution. They say the aid flow during the ceasefire was barely enough to cover the immense needs from throughout the war when only a trickle of supplies got in.

With no new goods entering Gaza, many foods have disappeared from markets, including meat, eggs, fruits, dairy products and many vegetables. Prices for what remains have risen dramatically, becoming unaffordable for much of the population. Most families rely heavily on canned goods.

Malnutrition is already surging. The UN said it identified 3,700 children suffering from acute malnutrition in March, up 80% from the month before. At the same time, because of diminishing supplies, aid groups were only able to provide nutritional supplements to some 22,000 children in March, down 70% from February. The supplements are a crucial tool for averting malnutrition.

Almost all bakeries shut down weeks ago and the WFP stopped distribution of food basics to families for lack of supplies. With stocks of most ingredients depleted, charity kitchens generally can only serve meals of pasta or rice with little added.

World Central Kitchen -- a US charity that is one of the biggest in Gaza that doesn’t rely on the WFP -- said Thursday that its kitchens had run out of proteins. Instead, they make stews from canned vegetables. Because fuel is scarce, it dismantles wooden shipping pallets to burn in its stoves, it said. It also runs the only bakery still functioning in Gaza, producing 87,000 loaves of pita a day.

The WFP said 116,000 tons of food is ready to be brought into Gaza if Israel opens the borders, enough to feed 1 million people for four months.

Israel has leveled much of Gaza with its air and ground campaign, vowing to destroy Hamas after its Oct. 7, 2023, attack on southern Israel. It has killed over 51,000 Palestinians, mostly women and children, according to Gaza’s Health Ministry, whose count does not distinguish between civilians and combatants.

In the Oct. 7 attack, gunmen killed about 1,200 people, mostly civilians, and abducted 251. They still hold 59 hostages after most were released in ceasefire deals.