After long years of rule by the Assad family, where trading in foreign currencies, particularly the American dollar, was strictly prohibited and reserved for companies close to the regime, a wind of change is blowing over Damascus. Three weeks after the fall of Bashar al-Assad, driven from power by a rebel coalition led by Islamists, dollar exchanges are once again permitted, bringing hope of economic stability and a reduction in the prices of goods and services.
In a small, bustling grocery store in the center of Damascus, Amer Saeed, the owner, welcomes his customers with a broad smile. On his counter, Syrian pound notes now sit alongside American dollars. “All Syrians feel relieved, thank God, because we were under pressure and we could never mention the dollar”explains the grocer. “Before Assad left, talking about the dollar, even on the phone, could result in a sentence of seven or eight years in prison, but now we feel very peaceful and happy.”he continues.
“We can work freely, without fear of anything, because success requires work, and that is business!”
Amer Saeed, grocer in Damascusat franceinfo
Official exchange offices have also resumed their activities across the city. Behind one of the employees, screens display the current rate in real time: one dollar is worth around 15,000 Syrian pounds. Amer, employee in the establishment confirms: “This is another form of liberation for us, especially since the majority of people working in the field of currency exchange and citizens were arrested and questioned because of the dollar.”
Amer explains that he himself was arrested because “a financial matter” of “only a hundred dollars”. “Unfortunately, before we were not even able to talk about the dollar, while today we pay and receive payments in dollars, while also using the Syrian currency. Thank God, all this has become a lot easier”adds the stockbroker who can “now do business and enjoy economic freedom”.
“The people now feel more comfortable to trade.”
Amer, stockbroker in Damascusat franceinfo
“Thanks to the dollar, we can know what we have and what we owe financially. It’s a very pleasant thing for us”underlines Amer. According to experts, this reopening of the currency market could stabilize prices and restore consumer confidence. A change welcomed by the population, who see it as a glimmer of hope for the local economy.
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