Skip to main content

Assad blames Syria’s economic turmoil on Lebanon, not sanctions

Syrian President Bashar al-Assad estimates that Syrians hold between $20 billion and $42 billion in Lebanon's banks.
A man walks past window shops while nearby pillars are adorned with posters showing Syrian PResident Bashar al-Assad superimposed over Damascus' historic Umayyad mosque, in al-Salihiya district of the capital Damascus on June 10, 2020. (Photo by LOUAI BESHARA / AFP) (Photo by LOUAI BESHARA/AFP via Getty Images)

Syrian President Bashar al-Assad said his country’s deteriorating economy can be explained by the billions of dollars of Syrian deposits he said are tied up in cash-strapped Lebanese bank accounts. 

Assad estimated that Syrians hold some $20 billion and $42 billion in Lebanon’s banks, which have imposed tight restrictions on foreign currency withdrawals in the past year.  

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.