Hanke: Syria experiencing an annual inflation rate of 200 per cent

Steve Hanke, the economist who estimated Iran’s inflation rate to be 105.8 per cent using black market exchange rates has done the same with the Syrian pound.

Hanke estimates that the pound has lost 66.2 per cent of its value over the past 12 months, and that Syria is currently experiencing an annual inflation rate of 200 per cent. He plans to create a resource to give up-to-date data on the Syrian pound and make black market exchange rate data and inflation estimates for other countries widely available under the Troubled Currencies Project.

The Syrian economy is being held up by Iran Russia and China, as the Assad regime is doing all its business in rials, roubles and renminbis to get around western sanctions, according to Kadri Jamil, deputy prime minister for the economy, in an interview with the FT. Jamil added that Syria had an unlimited credit line with Tehran for food and oil-product imports.