📰 Idlib ends reliance on Turkish lira, mandates Syrian pound use

IDLIB, Syria (North Press) – Authorities in Syria’s Idlib Governorate issued on Monday a decision requiring all public and private institutions to conduct financial transactions exclusively in Syrian pounds, ending reliance on the Turkish lira. Notably, as per an official circular sent to administration directorates, private companies, factories, bakeries, banks, exchange offices, and local administrative councils, all entities must fully comply with using the national currency in their financial dealings. Notably, the directive applies to all fees, wages, compensations, fines, dues, and commercial transactions.

Institutions were instructed to update their accounting systems and financial records to reflect transactions conducted solely in Syrian pounds. The decision also obliges fuel stations and bakeries to operate exclusively in the national currency, citing the need to facilitate daily transactions and ease pressure on citizens’ living conditions. furthermore, exchange offices are required to clearly display the exchange rate of the Syrian pound against foreign currencies. The move represents a significant policy change in Idlib, where the Turkish lira has dominated most financial transactions in latest years amid currency instability and economic pressures.

The Turkish lira commenced circulating widely in Idlib and parts of northwestern Syria in mid-2020, as the Syrian pound sharply depreciated amid years of crisis, sanctions, and economic collapse. Hayat Tahrir al-Sham (HTS) and Syrian National Army (SNA) factions – controlled the region at the time – promoted the use of the Turkish lira to stabilize prices, limit inflation, and protect purchasing power in areas outside Damascus’ control. Over time, salaries, goods, fuel, and services were priced mainly in Turkish lira, making it the dominant currency in daily life.

The latest decision signals an effort to reassert use of the Syrian pound amid changing economic and administrative conditions in the governorate. Reporting by Malin Mohammed Editing by Jwan Shekaki