A Syrian Windfall Could Soon Benefit Lebanese Traders

Ehsani at Syria Comment:

Syria’s finance minister announced that new car imports into the country are suspended till further notice. All products that are subject to customs duties of 5 percent and over will be included in the suspension notice. Such products include luxuries including passenger cars.

The Syrian government is doing so to preserve foreign exchange reserves, but this could have profound implications for Lebanese traders.

To understand why, imagine for a moment that you are a wealthy Syrian businessman. You want a new car for the family, your wife wants to get the latest handbags from Louis Vuitton and your son wants the latest Apple Gadgets. You are then informed that you can no longer get these things in Syria. What will you do?

First, you announce to the whole world that you are supporting the Assad regime and declare that since you’re a patriot, you’re going to stick it out with the government and live the simple life.

Then, secretly, you send your family to Lebanon whenever they need to shop for the luxuries they can’t live without.