المرصد السوري لحقوق الانسان
The Syrian Observatory For Human Rights

After the Cash Management’s sudden decision | Salvation Government controls currency market in its areas, and exchange companies exploit people

Exchange offices and shops in the HTS-held areas refrained from circulating and receiving the Syrian pound after a sudden decision from the “Public Institution of Cash Management” of the “Salvation Government”.

People tried to switch their savings from Syrian currency to other foreign currencies “Turkish dollar and lira”, with an exploitation by exchange companies which set a significant difference of nearly 400 Syrian pounds between the buying and selling price of the U.S. dollar. 

The buying rate of the U.S. dollar in Idlib has recorded 1,900 pounds, while the selling rate has reached 2,250 Syrian pounds.

According to Observatory sources, the new move aims to prevent citizens from dealing in Syrian currency, while banknotes go to the “Bank of Sham” and the holders of capital who trade in coins, and benefit from the rise and fall of the Syrian pound.

Therefore, the “Salvation Government” has took over the currency market in its areas of control without a competitor.

The “Salvation Government” claims that the loss of the Syrian currency from the hands of people will contribute to the stabilization of prices in Turkish lira and foreign currencies. In contrast, it issued several unsuccessful decisions, which served the traders and turned vendors into exchangers making a huge profit.

The Salvation Government’s “Public Institution of Cash Management” has issued a decree prohibiting dealing in Syrian pound completely in currency exchange shop and informal money exchange (hawala) offices in Idlib province.

The decree comes as a part of a formal circular issued by the “Cash Management”, ordering the currency exchange workers not to deal in the Syrian pound in exchanging money and remittances operations. In addition, the currency exchange workers have to get a license from the “Cash Management”, so that they can resume their work, under penalty of accountability for violators.

Earlier, SOHR sources reported that “Watad” company of HTS dominates the fuel market in its areas of control.

The Salvation Government announced earlier that its employees’ salaries will be paid in Turkish lira.

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