Reporting by Shams el-Din Matoun
(Eqtsad)- Many of the rich people of the city of Idlib managed to preserve their capital and trade under the conditions prevailing in the province. Their biggest concern remained is how to save money especially since the banks stopped working like other vital infrastructure since the regime lost control over the province.
"I have large amounts of money; most of it I keep through remittances," says Saleh, the owner of a hawala company in Idlib.
"I live in constant fear; I can only keep the money by carrying a bag wherever I go."
Many people turn to convert their property into hard currency, such as dollars or gold, to ease the burden of the amount and ease of carrying it.
Investment
Obaida, the manager of a production company in rural Idlib, tries not to save any money in his possession and transfers it to enterprises or invests in small projects or in buying land.
"I do not have any money in my possession and I make it into investments in different regions, because I do not have the trouble to think about storing it when there are no banks," Obaida told Economy.
Obaida is trying to focus on buying land or real estate that is close to the border and less vulnerable to shelling, he said, where Land cannot be lost or destroyed. "
Shadi al-Sayyid, from the city of Binish, a resident of Turkey, believes that the use of foreign banks is the best solution but is limited to those with accounts in those countries.
"There was no idea of creating a bank in the liberated areas, although it is important and necessary," he said.
"The bank's goal is to secure people's savings and there must be a responsible party for this," he said.
Asked by Eqtsad regarding circulated information that Tahrir al-Sham military body is trying to establish a central bank, he said.
“the purpose of the bank is to secure peoples’ savings. The body is a military factions and I do not think it earned people’s trust to be able to establish a bank where people can save their money."
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