The Syrian Observatory For Human Rights

Economic impasse | People of north-west Syria caught between Syrian pound plummet and exchange offices’ greed

Idlib markets are witnessing continued price volatility, coinciding with the Syrian pound plummet against foreign currencies, and the switching to the Turkish currency in the markets instead of the Syrian pound.

Residents switch their savings to Turkish lira, while they are exploited by companies and exchange offices. The exchange rate of US dollar is 6.5 TL in areas controlled by the “Salvation Government”, while one dollar is equivalent to 6.8 in the areas controlled by Turkish-backed factions in northern Aleppo countryside. Therefore, those exchange offices profit about $50 for every $1,000 exchanged to the Turkish lira.

One the other hand, the Turkish lira is sold at more than its real exchange rate of more than 50 Syrian pounds per 1 Turkish lira.

Meanwhile, the prices of all goods and food supplies have increased, coinciding with adopt the Turkish lira. Traders sell goods at the local price of the Turkish lira, without adhering to the exchange rate of the Turkish lira against the Syrian lira, which impact on the citizens in Idlib through two things, the first is the local rise in the value of the Turkish lira against the Syrian pound and the other is the difference of commission of exchange and conversion of the currency.