QAMISHLI, Syria (North Press) – Sincethe second half of 2022, the Syrian pound has been steadily collapsing amid inaction by the Central Bank of the Syrian government to take action or find solutions that could contribute to its stability.
On November 7, the Syrian government announced an almost 4.860 billion Syrian pounds (SYP) deficit in the 2023 budget.
Since July up to now, the Syrian currency has been receding; a US dollar is exchanged for 6.200 SYP in an unprecedented low rate on the market ever.
People feel strangled
As economic bulletins and releases significantly indicate the Syrian pound preserves a steady de-valuation day after another, there seems no solution on the horizon that could alleviate the plight of Syrians in the economic terms of the word. The situation gets more suffocating.
Locals living in areas under the control of the Syrian government, especially in the capital Damascus, told North Press that their monthly paid salaries no longer survive a five-member family in a single day.
The average of a salary that an employee affiliated to the Syrian government institutions obtains, reaches 100.000 SYP that is less than $20, according to recent figures.
Such a current situation has made Syrian families to manage their affairs according to “everyday solutions.”
However, this dire status is not merely confined to areas under the Syrian control. The current economic crisis sweeps all Syrian areas although notably the average income is better in those areas compared to those under the Syrian government.
The average of a family in areas out of Syrian government control reaches $75. To lead a normal life, a family needs an average of $200.
Paralysis and collapse
Areas under the Syrian government control are hit by other crises led by that of fuel which, over the last few days, has brought every aspect of life to halt.
A female economic expert and a former official of the Syrian government told North Press on condition of anonymity that inflation rates in the country indicate “an eventual economic collapse notably if salaries remain so [not raised]. The economic blockade is a main reason contributing to such a collapse.”
“To lead an honorable life, the Syrian family needs two million pounds. However, in October a million could have sufficed that,” the expert said.
On December 1, a source in Work and Social Affairs Directorate of Aleppo told North Press that the government intends to reduce the number of employees in its institutions. Such a reduction could reach 60%, owing to severe lack of fuel, according to the source.
After ten years of a ravaging war that cost thousands of lives and displaced much more, the socioeconomic conditions in Syria have been crippled by the other side of the story.
The economic sanctions imposed by the West have the intended effects on Syrian officials. However, their effects are felt elsewhere as well, seemingly more grievously.
With no well-devised solutions, leading a simple way of a living has become the most preoccupation of a Syrian citizenship whose list of daily life’s needs keeps shrinking steadily.