Protecting the Syrian Pound is a Protection of the People

Protecting the Syrian Pound is a Protection of the People

The dollar exchange rate on the black market has been gradually and steadily rising for almost a year, but in recent weeks it has risen steadily and daily under the country's economic stagnation and the contradictions that interact and manifest themselves on the surface in the structure of the Syrian great corruption.

The rise in the dollar is an indicator that condenses many things. The country's economy, represented by its Lira, is declining at a steady pace, with increasing of demand by the major lira holders for dollar, which is the international currency of those parties imposing sanctions on the Syrians. In light of all this, there is a sepulchral silence in the official and government circles, leaving the Lira to the fate of the interaction between corruption and speculation forces.

There are many mechanisms to protect the lira, and they should not be delayed longer than short and medium term. At the heart of these mechanisms is the reduction of demand for the dollar to stop dealing with it not only in trading, but in the foreign trade of basic materials, which should constitute most of the Syrian import at the moment.

Restricting demand for the dollar requires first: preventing the smuggling of money abroad, a process that has legitimate channels through the financial and banking system, in addition to illegal ones through other means. Second: to end the heavy weight of foreign trade, especially the importation, which feeds the demand for the dollar, and depends on the influence of the major market forces, their economic relations and foreign accounts, and even depends on financing them by the state apparatus through providing them low-priced foreign exchange, which provides a margin of speculation and profit from the high dollar black market.

Meeting foreign demand using other currencies is an urgent matter for any country subject to sanctions. It was necessary from the outset to open official accounts in the currencies of those countries who are friendly and willing to bypass sanctions, and to manage foreign trade through the state apparatus and unhidden official agreements without intermediaries, a move that was not proceeded because of the prevention and impediment imposed by the interests of the great corruption system, which took trade and speculation as one of the most important sources of their profit in the crisis, and managed economic and monetary policy, at least throughout the years of the crisis, in a way that makes the Syrian pound loses all elements of its strength, and strengthens the position of the dollar.

The sanctions and their effects cannot be overcome, as long as the central structure of corruption lives on laying the burden of US sanctions on the Syrian people, and from the loss of the Lira for the gain of the dollar. Sanctions, the economic crisis and the ensuing chaos and political instability can only be overcome by policies contrary to the interests of the great corruption... which has been and continues to engage in economic terrorism that, if continued, would establish a new level of chaos and danger to the country.
Kassioun Editorial, Issue No. 930, Sept. 9, 2019