Deteriorating Turkish lira hurts residents in Syria's Idlib
The depreciation of the Turkish lira against the US dollar has resulted in worsening living conditions in Idlib and increased the people’s resentment against Hayat Tahrir al-Sham and the Salvation Government, which they hold primarily responsible for the economic crisis.
ALEPPO, Syria — The depreciation of the Turkish lira against the US dollar has aggravated the cost-of-living crisis facing the population of Syria's Idlib province, which is under the control of Hayat Tahrir al-Sham (HTS) in northwestern Syria. The prices of everyday food items, including bread, increased sharply amid overall rises in the cost of living, especially for the poor, who make up the largest segment of Syrians residing in the region. Last year local authorities adopted the Turkish currency for official transactions amid a decline in the value of the Syrian pound.
The Turkish lira continues to lose value against foreign currencies amid expectations that it will continue its decline in value. The lira hit a record low of 13.45 to the dollar on Nov. 23, before slightly recovering to 12.7 to the dollar the same day.
Speaking at the Turkish Capital Markets Summit on Nov. 16, Turkish Treasury and Finance Minister Lutfi Elvan said that while inflation was not at "desired levels," as long as Turkey "continues the fight against inflation with a determined and wholesome understanding, the lira will become stable and our country's risk premium will decrease."
The Salvation Government, an administrative body affiliated with HTS, decided in June 2020 to adopt the Turkish lira in its dealings. At the time — when the exchange rate was 6.8 Turkish lira to the dollar — the head of the Salvation Government's economy department Bassel Abdul Aziz said authorities had instructed commercial traders and exchange offices to distribute Turkish lira so that the currency could be used "for everyday transactions in liberated territories instead of the Syrian pound."
