The key highlights:

• A notable increase in the prices of most oil derivatives was officially applied and this may affect most sectors, including agriculture. The price of petrol increased for the third this year, reaching 8 000 SYP per litre for subsidized octane 90, while the price for the non-subsidized octane 95 reached 13 500 SYP per litre. The price of subsidized diesel for bakeries was set at 700 SYP per litre; 2 000 SYP for household heating purposes; 8 000 for industrial and agricultural use was and the official non-subsidized price for diesel was set at 11 550 SYP per litre.
• The Agriculture Cooperative Bank (ACB) received the Council of Ministers’ approval to offer renewable energy loans, enabling farmers to reach out to the ACB and apply for loans, which will cover installing solar power systems (SPSs) for pumping irrigation water from wells. This arrangement was reached through coordination of the ACB, the Ministry of Water Recourses (MWR) and the Ministry of Agriculture and Agrarian Reform (MAAR). A new requirement and list of guidelines was endorsed by the ACB to determine the amount of seed and fertilizer a farmer will be eligible to apply for under the ACB loan.
• The Council of Ministers announced a group of new resolutions in August 2023 related to the agricultural sector. The resolution will see all export of local olive oil being stopped as of 1 September 2023. Furthermore, another decision was also announced, that of allowing the import of second-hand agricultural machinery provided the machinery has not exceed 5 years of use and was manufactured by well-known companies. Meanwhile MAAR announced that the expected production of olive oil for the new season is 49 000 tons.
• The informal exchange rate experienced notable fluctuation, ranging between 11 950 SYP / USD and 15 500 SYP / USD. On average, the domestic currency exchange rate recorded 18 percent of depreciation m-o-m (month on month).