Syrian Pound strengthens, but high prices persist

DARAMSUQ / HASAKAH, North and East Syria — The Syrian Pound has seen a significant improvement against the US Dollar since the beginning of the year, with the exchange rate dropping to approximately 11,000 pounds per dollar, down from around 15,000 pounds. Despite this 30% recovery, the prices of essential food items have remained stubbornly high, sparking frustration among residents.

While the Syrian Pound’s rebound has raised hopes for economic relief, the lack of corresponding price reductions for food and other necessities has left many residents questioning market practices.

Residents Blame Greedy Merchants

Many in Hasakah, North and East Syria, blame the high prices on what they perceive as greed among merchants and the absence of effective market regulation. Residents accuse sellers of manipulating prices and controlling the cost of living without accountability.

Margaret Arshinak, 44, expressed her frustration to SyriacPress. “Two months ago, the exchange rate of the dollar was between 15,000 and 16,000 pounds, and prices were high. Now, the rate has dropped to around 11,000 pounds, but prices remain largely unchanged, “she complained. “For instance, I bought a 4-liter can of oil for 75,000 pounds — it used to cost 90,000 pounds when the exchange rate was higher. The price should be even lower now, but some merchants exploit people while others accept smaller profits.”

Similarly, Mona Hashisho, 63, an employee at a local service institution, said, “We’re happy to see the dollar rate drop, but when we go shopping, prices are still high and vary from one shop to another. We often have to visit several stores to find reasonable prices. There needs to be better monitoring to regulate and reduce prices.”

Sidra Mousa, 20, highlighted the discrepancy in price adjustments. “The dollar dropped from 15,000 to around 11,500 pounds,” she said. “Prices should have fallen by 30%, but they haven’t. For example, biscuits that used to cost 3,000 pounds should now be 2,000 pounds, but we’re not seeing this reduction.”

Merchants Respond

Some merchants argue that external factors, such as taxes and customs duties, are contributing to high prices.

George Mansourati, a grocery store owner in central Hasakah, explained, “We price items daily based on the exchange rate. However, imported goods, particularly from Turkey, have been subject to increased taxes, which have driven up their prices. Essential items like oil, tea, and sugar should be exempt from customs duties to alleviate this burden on consumers.”

“While the dollar rate has dropped by 25% to 30%, many merchants have only reduced prices by 5% to 10%,” he added. “This unfair pricing practice hurts consumers, and stricter market regulations are needed to prevent exploitation.”

Call for Regulatory Measures

Mansourati emphasized the need for effective market oversight to stabilize prices and ensure fairness. He dismissed claims by some merchants that they base prices on goods bought in Syrian Pounds, noting that most goods are imported and priced in US Dollars.

As the Syrian Pound strengthens, residents of Al-Hasakah are calling for greater transparency and accountability in pricing, hoping for relief that matches the currency’s recovery.

Daramsuq Residents Feel the Pinch

The capital, Daramsuq (Damascus), is not exempt from the economic pressure.

“I go to the market and can’t buy anything because prices are too high,” said Hala Sarkis, a government employee living in the Qasaa district. “We’ve become mere spectators.”

For residents like Andre Nicola in the Duwailah neighborhood, even basic food items have become luxuries.

“Things that used to be essential are now considered extravagant,” Nicola said. “Meat and high-quality fruits are completely out of reach for many families.”

Growing Uncertainty and Frustration

As Syrians contend with rising living costs, the paradox of a strengthening currency alongside persistently high prices raises significant concerns. With no clear signs of economic relief, many fear that basic necessities will remain unattainable, worsening financial struggles for households across the country.