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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.  

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