Syrian Lira to demise as war continues

Regime media considers the collapse of Syrian pound -lira-  a concrete remark of "steadfastness’ against U.S Dollar, but government worried

Regime media outlets have glorified what they called “Syrian pound steadfastness" against the U.S. dollar, in the same time its exchange rate varied widely according to the city, as it hit 300 S.P in Aleppo and reached to 240 S.P in Damascus.

On the other hand, Syrian government seemed worried from the accelerating collapse on the Syrian pound, that force the regime Prime Minister “Wael al-Halaqi” to speak in this issue. He warns of manipulating the Syrian pound exchange rate as there would be punishment and many deterrent measures such as raids, trials or prison without trial.

Syrian Interior Ministry cancelled the trade prices liberalization on some materials like clothing, detergents and some kinds of food. This step indicates the reality of the economic collapse.

The Minister of Domestic Trade and Consumer Protection Samir al-Qadi Amin says that local market is going through exceptionally harsh situation as many traders left the market and some traders or factories decide the prices themselves, which is not acceptable. However, he mentioned that some people were able to break the sanctions by personal relations with others abroad and they manage to bring some needed goods to people inside Syria.

Some economic experts read between lines from the government’s statements that the courts of economic security will start to do its job, as it could allow arresting and prosecuting any shopkeeper under a charge of over pricing, in the same time it will leave the door open to those traders who will benefit from the Syrian needs.

"The government besieges people and it wants them to craves for food” Moayed Abazid, a journalist said, pointing that fixing prices policy has disappeared and the regime who prompt that to happen.

He adds that the regime media always declares that people respect government and it is very popular, therefore, he considers it is responsible for securing and providing basic materials for people, not the other way round by threatening them all the time.

People in Aleppo city wonder about ways the government could adopt to control prices for goods and materials brought or manufactured or imported out of its control.

In the end people joke about some laws as it became invalid quickly, like the law preventing trading with currency other than the Syrian pound, as Abu Ahmad al-Halabi commented sarcastically “let the government come and search, it would not find any Syrian pound in the market, all what is here Dollar, Yen and British pound.”

Eqtsad is  Zaman Alwasl's  Business newspaper

Editing by Yusaa Ahmed