The first year of the “new Syria” brought relative economic stability and a marked improvement in the exchange rate of the pound, but economic burdens still weigh on Syrians. Has the cost of living crisis improved, or is it deepening?
As the Syrian government prepares to issue new banknotes and cut zeros from the country’s depreciated currency, many Syrians care most about easier everyday transactions.
Following an initial burst of activity when the regime fell and displaced people returned, markets in Reef Dimashq are faltering and facing new challenges.
Syrian markets are experiencing instability in the prices of basic goods as the black market exchange rate of the pound fluctuates sharply, while the Central Bank of Syria takes a hands-off approach.
The Central Bank of Syria aims to close the gap between the Syrian pound’s official exchange rate and its black market price, following a “momentary improvement” in its value when the regime fell.
Syrians, like other refugees in Egypt, face a host of barriers to residency and work permits. Pushed into the informal sector, they face exploitation and abuse. Their plight points to the darker side of Egypt for millions of foreigners.
In 2023, the Syrian pound fell to an unprecedented low, with living conditions in the country at their “worst since the beginning of the 20th century.” Will 2024 bring any relief, or only more of the same?
