Has converting to Turkish currency policy in Syria’s Idlib failed?
IDLIB, Syria (North Press) – The policy adopted by the Turkish authorities, in the Syrian territories they control, to compel the residents to use the Turkish currency in their daily transacts instead of the Syrian pound has proved failure.
The continued decline in Turkey’s currency against the USD looms ill.
The recent decision by Watad Petroleum company, run by Hayat Tahrir al-Sham (HTS) in Idlib city, northwestern Syria, to replace the purchase of fuels to the USD instead of the Turkish lira has raised a wide range of contempt amongst the people.
The policy of using the Turkish currency in Idlib does not follow any systematic ways applied by regulations or main conditions (such as central banks) of adopting any other currency, Khaled Terkawi, an economic researcher based in Turkey told North Press.
“The Turkish lira was imposed in Idlib not freely chosen by the people,” he noted.
The fall of the Turkish currency value has an impact on the fuel prices, set recently with USD.
“Such a fall bodes ill for the Syrians and the Turks as well,” Terkawi noted.
He excluded returning to use the Syrian Pound as this “will increase the suffering of the people because of its unstable value.”
Terkawi believes that adopting the Turkish currency has had many negative consequences on the residents.
Economic researchers noted that Watad Petroleum decision is a flagrant prove that the policy of adopting the Turkish lira is not of good.
The money changers’ union will install computers in every accredited gas station and centers that sell household gas cylinders, thus authorizing owners to adjust fuel prices according to the Turkish lira, Watad Petroleum said.
The Salvation Government and HTS work together in profit and loss balance and will attempt to benefit as much as possible by exploiting the people already living difficult economic conditions, local sources told North Press.
Idlib’s people said this is a new way Watad Petroleum applies to loot the people and increase its profits by manipulating fuel prices 24 hours a day.
On November 15, dozens of people from Idlib, took to the streets protesting an unprecedented inflation and soar of fuel prices.