Bashar al-Assad dismisses the governor of the Central Bank of Syria

Bashar al-Assad dismissed the governor of the Central Bank of Syria, Hazem Karfoul, following the issuance of a legislative decree on Tuesday, coinciding with the collapse of the Syrian economy.

Al-Assad Decree No. 124 was issued to end the appointment of Hazem Garfoul as governor of the Central Bank of Syria, in light of the collapse of the Syrian currency and the exacerbation of the difficulties faced by the Syrian people due to the great rise in commodity prices.

Reuters reported, quoting a businessman, that the central bank governor’s failure to take monetary policy measures to stabilize the Syrian pound in recent months was the reason behind his dismissal.

Meanwhile, the pro-Assad news agency, SANA, did not disclose the reasons for the decision or the person who will take over the management of the central bank after karful.

The US Treasury Department imposed sanctions under the US Caesar Act, affecting several people and entities in the Assad regime, among them Hazem Karfoul, the most prominent arm of the economic system, while al-Assad was appointed karfoul as governor of the Central Bank in Syria in 2018, after he held several positions in the financial institution, including first Deputy Governor.