Assad blames Lebanon's crisis for Syria's economic woes

Syrian President Bashar al-Assad has blamed his war-torn country's economic woes on a banking crisis in neighbouring Lebanon.

The Syrian currency has seen a sharp drop and the economy has been devastated by nearly a decade of war.

Assad said in remarks aired on Syrian state television on Thursday that the crisis began several months before the United States passed the Caesar Act in December 2019. The legislation aims to sanction anyone trying to do business in Syria and earn benefits for al-Assad's government.

"The economic problem has another reason, which is the money that has been taken by the Syrians and deposited in Lebanon," al-Assad said. "When the banks in Lebanon closed, we paid the price. This is the essence of the problem," he added.

According to the Syrian leader, Syrian businessmen and ordinary citizens have suffered losses ranging between 20 billion and 42 billion dollars in deposits in Lebanese banks. "This figure for an economy like that of Syria is terrifying," al-Assad said.

Lebanon is experiencing its worst economic crisis since the 1975-1990 civil war ended. Banks have imposed a kind of capital control on depositors. People have been unable to transfer money to abroad, and a monthly limit has been imposed on withdrawals.   (dpa)