Repercussions of adopting Turkish currency | Syrian pound plummets in areas controlled by HTS and rebels
Syrian Observatory activists have monitored large collapse in the value of the Syrian pound against foreign currency in areas under the control of Hayyaat Tahrir Al-Sham and opposition factions in Idlib and surrounding countryside.
The exchange rate of the Syrian pound against the US dollar ranges in these areas between 3,000 and 3,500 SYL, creating large disparity in the exchange rate between regime-held areas and areas under the control of HTS and rebels.
According to SOHR sources, the major reasons behind the Syrian currency plunge are the adoption of the Turkish currency in areas under the control of HTS and rebels, and the great demand for buying the Turkish lira.
In addition, there are some merchants and currency exchange shop’s owners who deliberately leave a negative impact on the Syrian currency’s value by buying and selling currency in different rates. These merchants pour the Syrian pound into regime-held areas in exchange of the US dollar, then they exchange the US dollars with the Turkish lira.
All of these factors alert to ongoing currency plunge in these areas.