Currency plunge | Syrian regime raises purchase price of wheat crop from farmers, speculating on “Self-Administration”
The regime’s Council of Ministers agreed to raise the purchase price of wheat from farmers for the current season from 225 Syrian pounds to 400 pounds per kilogram. This followed the announcement of “Self-Administration” to raise the purchase price of the wheat crop and set it at 315 Syrian pounds.
The Syrian regime had earlier announced that the purchase price of a kilogram of wheat was set at 225 Syrian pounds.
The Syrian pound has recorded a major plunge against foreign currencies, as the Syrian pound against the US dollar recorded 1,800 SYL
This comes only a few days before “Caesar Act” which was passed by US, and it is expected to come into effect in June.
On 18 May, the “Self-Administration” in north-eastern Syria set the purchase price of barley crop at a price of at least 150 Syrian pounds per kilogram.
It also allowed merchants working in their areas of control to buy it from farmers and export it.
This came in a statement issued by the “Self-Administration”, after meeting with the governing body of the Executive Council and the peasant federations in its areas.
The purchase price of wheat crop for 2020 season was discussed at the meeting, which was set by “Self-Administration” last April at 225 Syrian pounds per kilo.
The purchase price of “hard and soft” wheat from farmers for the current season 2019-2020 was set at 200 Syrian pounds, in addition to giving farmers 25 pounds as a delivery bonus, bringing the total price per kilo to 225 pounds, while last season the price was 185 pounds.