Syria slashes gasoline subsidy, boosts public-sector salaries

Syria has raised prices of gasoline and other petroleum products again, officials and state media said on Wednesday, as the government gradually lifts
subsidies to boost public finances in an economy strained by an over decade-old war.
The hikes took effect after midnight and came as the government announced a 100% hike in public-sector salaries and pensions to help the population absorb rising living costs and the impact of subsidy cuts.
The government has been increasing public-sector pay sharply, but it lags hyperinflation that continues to spiral with a record depreciation of the local currency.
The Syrian pound hit a new record low with traders saying it cost as much as 15,500 Syrian pounds to buy one dollar on the street on Wednesday.
“There is panic buying. It’s not there is no dollar but demand is more than supply and so the dollar has gone up,” said Abdullah al Homsi, a currency trader in Damascus.