| 27 May 2024, Monday |

What impact does the collapsed Syrian pound have on the Lebanese one?

The Syrian people are suffering from accumulated economic, financial, monetary, social and health crises, whose purchasing power has eroded and food insecure due to the collapse of the Syrian currency, so what does the economist Basil Al-Khatib say to the correspondent of “Voice of Beirut International” Mahasin Mursal on this subject?

The Syrian pound began to deteriorate with the start of the Syrian revolution in 2011, which cost the Syrian economy a loss of more than 500 billion US dollars over the past 10 years. The pound has declined dramatically, and inflation has risen, which led to a decline in purchasing power, ”Al-Khatib said, noting that“ the Magnitsky law and Caesar law, and the sanctions imposed on Syria all have an impact on the Syrian currency, just as the economic crisis in Lebanon has contributed to the further decline of the Syrian currency, since there are Syrian businessmen who have deposits in Lebanese banks, and at the same time Lebanon is an outlet for Syria, whether it is a legitimate or illegal outlet.

The strong influence, as Khatib said, began with the Magnitsky and Caesar laws, especially from 2011 till now, and we see how companies are closed and the extent of purchasing power decline of the Syrian citizen,”he added, “It is true that the Syrian economy is stronger than the Lebanese one, but the events that happened during the last ten years affected the Syrians. however, Syrians benefited from the Lebanese economy through the legitimate and illegal outlets where subsidized materials and dollars are smuggled.

Unfortunately, all the sanctions did not help in getting rid of a regime of killing and brutalization of its people, which reflected first and foremost on the oppressed Syrian people, and it is clear that the Lebanese people will have a similar fate if the series of obstruction and fighting continues over sharing between this and that within  the people in power.