Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

Turkish lira supports people living in northern Syria, official says

by DAILY SABAH WITH AA

ISTANBUL Jun 19, 2020 - 3:55 pm GMT+3
A Syrian man receives Turkish liras at a currency exchange shop in the town of Sarmada in Syria's northwestern Idlib province, June 15, 2020. (AFP Photo)
A Syrian man receives Turkish liras at a currency exchange shop in the town of Sarmada in Syria's northwestern Idlib province, June 15, 2020. (AFP Photo)
by DAILY SABAH WITH AA Jun 19, 2020 3:55 pm

With a steep fall in the value of the Syrian pound against the U.S. dollar, civilians in several regions of northern Syria have turned to the Turkish lira to make purchases.

The Turkish lira is supporting the people living in the region, said Abdul Hakim Al Masri, the Syrian Interim Government's economy minister.

The lira is being used in Aleppo's Azaz district and al-Bab, Jarablus and al-Rai regions – which were cleared of terrorists in light of Operation Euphrates Shield launched in 2016 by Turkey and carried out with the support of Syrian opposition groups.

Turkish liras are the currency of choice in many areas, such as bakeries, gas stations, pharmacies and markets in the region.

"As is known, Syria is far behind in terms of development according to all global financial indicators. Additionally, the Caesar Act, protests in Lebanon and the family conflict between the (Bashar) Assad regime and Rami Makhlouf, has caused the entire Syrian pound to lose its value," Al Masri told Anadolu Agency (AA) Friday.

The Syrian Interim Government recently formally approved the Turkish lira for circulation in its areas. The Syrian Interim Government was formed in 2013 by moderate opposition forces as an alternative to the Assad regime. Its leaders are in exile in Turkey.

Al Masri noted that the economic crisis the Assad regime is facing is affecting the opposition-held regions.

"We decided to use the currency of our neighboring country, the Turkish lira, with the aim of coming up with solutions. The use of the Turkish lira against the dollar will ease the life for people of the region," he added.

He said residents of the region had been obtaining Turkish liras via the Turkish postal service, or PTT, branches. "People have always supported this move, and this made our job easier," he added.

Abdullah Shukayr, a local, told AA that the Syrian people now prefer to use Turkish liras for their purchases. "The Syrian pound is floating and unstable against the dollar. It also has no more value. The Turkish lira is more stable against U.S. currency," he added.

Muhammed Hashem, who owns a currency exchange office, also said the Syrian pound losing its value against the U.S. dollar caused people to use Turkish liras in their daily transactions and shopping. He said the people in the region are able to purchase bread with Turkish liras at a cheaper price.

At the beginning of this year, $1 was purchased for 1,000 Syrian pounds, but recently this soared to as high as 4,000 Syrian pounds.

Tough new U.S. sanctions under the bill, officially known as the Caesar Syrian Civilian Protection Act of 2019, are also expected to hurt the Syrian economy and its currency.

The bill authorizes additional sanctions and financial restrictions on institutions and individuals that have commercial ties with the Syrian regime.

Syria has been ravaged by civil war since early 2011 when the Assad regime cracked down on pro-democracy protesters. Hundreds of thousands of people have been killed and more than 10 million displaced, according to U.N. estimates.

  • shortlink copied
  • Last Update: Jun 19, 2020 5:34 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    syrian crisis syrian pound turkish lira syrian economy
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    A crude oil tanker sails in the Bosporus, on its way to the Mediterranean Sea, in Istanbul, Türkiye, Dec. 11, 2022. (Reuters Photo)

    Türkiye registers better-than-expected current account gap

    current-account-balance
     Eastern Anatolian Fault line triggered another fault segment called the Sürgü fault, Middle East Technical University (METU), Ankara, Feb. 9, 2023. (DHA Photo)

    Accumulated tension of hundreds of years moved Anatolia by 3m

    Harold-Tobin

    Istanbul's spectacular, historical grand bazaars and markets

    Travel

    Istanbul's consulate chronicles: Sudhi Choudhary, Consul General of India

    SUDHI-CHOUDHARY
    No Image
    Lockdown, May Day and Pink Moon: Top pictures of the week
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021