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.



Hamas Seeks Ceasefire Guarantees as Scores More Are Killed in Gaza

Smoke rises following an Israeli strike in the west of Gaza City, 03 July 2025, amid Israel's ongoing campaign in the Gaza Strip. (EPA)
Smoke rises following an Israeli strike in the west of Gaza City, 03 July 2025, amid Israel's ongoing campaign in the Gaza Strip. (EPA)
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Hamas Seeks Ceasefire Guarantees as Scores More Are Killed in Gaza

Smoke rises following an Israeli strike in the west of Gaza City, 03 July 2025, amid Israel's ongoing campaign in the Gaza Strip. (EPA)
Smoke rises following an Israeli strike in the west of Gaza City, 03 July 2025, amid Israel's ongoing campaign in the Gaza Strip. (EPA)

Hamas is seeking guarantees that a new US-backed ceasefire proposal for Gaza would lead to the war's end, a source close to the group said on Thursday, as medics said Israeli strikes across the territory had killed scores more people.

Israeli officials said prospects for reaching a ceasefire and hostage deal appeared high, nearly 21 months since the war between Israel and Hamas began.

Efforts for a Gaza truce gathered steam after the US secured a ceasefire to end a 12-day aerial conflict between Israel and Iran, but on the ground in Gaza intensified Israeli strikes continued unabated, killing at least 59 people on Thursday, according to health authorities in the territory.

On Tuesday, US President Donald Trump said that Israel had accepted the conditions needed to finalize a 60-day ceasefire with Hamas, during which the parties will work to end the war.

Hamas is seeking clear guarantees that the ceasefire will eventually lead to the war's end, the source close to the group said. Two Israeli officials said those details were still being worked out.

In a statement early on Friday, Hamas said it was discussing the ceasefire proposal with other Palestinian factions and would submit its response to mediators once those talks conclude.

Egyptian and Qatari mediators have been working to secure US and international guarantees that talks on ending the war would continue as a way of convincing Hamas to accept a two-month truce proposal, Egyptian security sources said.

A senior Israeli official close to Prime Minister Benjamin Netanyahu said preparations were in place to approve a ceasefire deal. A separate source familiar with the matter said that Israel was expecting Hamas' response by Friday and that if it was positive, an Israeli delegation would join indirect talks to cement the deal.

The proposal includes the staggered release of 10 living Israeli hostages and the return of the bodies of 18 more in exchange for Palestinian prisoners held in Israeli jails, an official familiar with the negotiations said on Thursday. Of the 50 remaining hostages in Gaza, 20 are believed to still be alive.

Aid would enter Gaza immediately, and the Israeli military would carry out a phased withdrawal from parts of the enclave, according to the proposal. Negotiations would immediately start on a permanent ceasefire.

"We sure hope it's a done deal, but I think it's all going to be what Hamas is willing to accept," US ambassador to Israel Mike Huckabee told Israel's Channel 12 on Thursday. "One thing is clear: The president wants it to be over. The prime minister wants it to be over. The American people, the Israeli people, want it to be over."

Huckabee added that he would be taking part in talks next week at the White House, when Netanyahu is due to meet with Trump.

'WHAT CAN WE DO?'

In Gaza, there was no sign of immediate relief on Thursday. According to medics at Nasser Hospital, at least 20 people were killed by Israeli fire en route to an aid distribution site.

Further north, at least 17 people were killed in an Israeli strike at a school in Gaza City, according to medics. The Israeli military said it targeted a key Hamas gunman operating there and that it took precautions to reduce risk to civilians.

"Suddenly, we found the tent collapsing over us and a fire burning. We don’t know what happened," one witness, Wafaa Al-Arqan, who was among the people sheltering there, told Reuters. "What can we do? Is it fair that all these children burned?"

The war began when Hamas fighters stormed into Israel on October 7, 2023, killing 1,200 people and taking 251 hostages back to Gaza, according to Israeli tallies.

Israel's subsequent military assault has killed more than 57,000 Palestinians, according to the Gaza health ministry, while displacing most of the population of more than 2 million, triggering widespread hunger and leaving much of the territory in ruins.

Israel says it won't end the war while Hamas is still armed and ruling Gaza. Hamas, severely weakened, says it won't lay down its weapons but is willing to release all the hostages still in Gaza if Israel ends the war.