Currency crash adds to Syrians’ woes

[Sally]

When your money is worth less, it gets harder and harder to feed your family.

A woman holds Syrian pounds inside an exchange shop in Damascus, March 17, 2016. (photo by REUTERS/Omar Sanadiki)

Currency crash adds to Syrians’ woes
ALEPPO, Syria — An unprecedented plummet in the Syrian pound’s value against foreign currencies is contributing to skyrocketing food prices and compounding Syrians' already-dire economic situation as the war here enters its fifth year.

Summary⎙ Print The crash in the Syrian pound’s value against foreign currencies has resulted in higher food prices and increased demand for other currencies.
Author Tamer OsmanPosted April 12, 2016
TranslatorSahar Ghoussoub
The pound's exchange rate against the US dollar exceeded 500 in early April. Markets in the Syrian opposition-controlled areas in Aleppo have been plagued with a semi-recession due to the rising prices of food and other commodities, the declining local currency and weak purchasing power. This comes amid a lack of job opportunities and low revenues.

Abu Muhammad is the provider for his seven-member family. Al-Monitor met him in a popular market in the opposition-controlled area in Aleppo city.

“I came here to buy some goods for the house," he said. "I have 2,500 Syrian pounds [$5]. Previously, I could buy enough food for two weeks with this amount. Today, with the high prices, the amount is enough to buy food for four days. The prices are skyrocketing and there are few job opportunities because of the war. Should there be any jobs available, the salaries are very low, while prices are on the rise in the market. We only buy necessities.”

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Currency crash adds to Syrians’ woes - Al-Monitor: the Pulse of the Middle East

 

[MisterBeale]

I wish you wouldn't spam the boards with news articles w/o adding any meaningful commentary. You do this every night around the same time.

It is really annoying.

 

[Sally]

I wish you wouldn't spam the boards with news articles w/o adding any meaningful commentary. You do this every night around the same time.

It is really annoying.

It is really quite annoying seeing comments from silly people who contribute nothing to this forum. By the way, has anyone tied you up and is forcing you to read my posts? My goodness, I read very, very few of the posts on all these forums. I suggest that you do too so that you can get a life. Actually it looks like you roll out of bed in the morning, run to these forums, and continue into the night.

Say, since I don't run around to these forums like many do. has anyone noticed those like Mister Beale criticizing others (who probably have the same mind set as they do) for saying nothing but posting paragraph after paragraph after paragraph after paragraph of an article?

 

[MisterBeale]

I wish you wouldn't spam the boards with news articles w/o adding any meaningful commentary. You do this every night around the same time.

It is really annoying.

It is really quite annoying seeing comments from silly people who contribute nothing to this forum. By the way, has anyone tied you up and is forcing you to read my posts? My goodness, I read very, very few of the posts on all these forums. I suggest that you do too so that you can get a life. Actually it looks like you roll out of bed in the morning, run to these forums, and continue into the night.

Say, since I don't run around to these forums like many do. has anyone noticed those like Mister Beale criticizing others (who probably have the same mind set as they do) for saying nothing but posting paragraph after paragraph after paragraph after paragraph of an article?

USMB Rules and Guidelines

I don't report folks for breaking the forum rules. If I did, you would be a top offender.

Site Wide Rules And Guidelines:

The following Rules Apply Everywhere unless otherwise stated on USMB, including Posts, Chat Box, Private Messages, Visitor Messages, and Signatures:

• When starting a new Thread, please first check and confirm that there are not Current Threads, on the Same Topic, This will Avoid Merges. Please select the forum that best relates to the subject matter of your topic. Opening Posts require more than a Copy and Paste with a Link, You need to include relevant, on topic material of your own. When posting a new topic do not use the CAPS lock.

 

[MisterBeale]

I seriously have nothing against your posts, but you just link to articles, but don't say anything about them, you have no opinion on the information you link to.

Why not? Can't you give us your thoughts?

 

[Sally]

I wish you wouldn't spam the boards with news articles w/o adding any meaningful commentary. You do this every night around the same time.

It is really annoying.

It is really quite annoying seeing comments from silly people who contribute nothing to this forum. By the way, has anyone tied you up and is forcing you to read my posts? My goodness, I read very, very few of the posts on all these forums. I suggest that you do too so that you can get a life. Actually it looks like you roll out of bed in the morning, run to these forums, and continue into the night.

Say, since I don't run around to these forums like many do. has anyone noticed those like Mister Beale criticizing others (who probably have the same mind set as they do) for saying nothing but posting paragraph after paragraph after paragraph after paragraph of an article?

USMB Rules and Guidelines

I don't report folks for breaking the forum rules. If I did, you would be a top offender.

Site Wide Rules And Guidelines:

The following Rules Apply Everywhere unless otherwise stated on USMB, including Posts, Chat Box, Private Messages, Visitor Messages, and Signatures:

• When starting a new Thread, please first check and confirm that there are not Current Threads, on the Same Topic, This will Avoid Merges. Please select the forum that best relates to the subject matter of your topic. Opening Posts require more than a Copy and Paste with a Link, You need to include relevant, on topic material of your own. When posting a new topic do not use the CAPS lock.

I have a great idea. Why don't you report me, and then you can start contributing to this forum so that people can respond to many of your threads about the Middle East. I think people are literate enough here that they don't have to hear me babble on and on about my thoughts before I post an article since articles themselves are pretty self-explanatory and, of course, are in English which I am pretty sure all the readers understand. If I didn't think that some people might enjoy reading the article, I wouldn't have even posted it.

Now a suggestion for you. Go get a life. Nobody has a gun to your head forcing you to read anything I post. In addition, stop being a hypocrite by just picking and choosing whom you want to criticize when you have been quiet about criticizing others with their post after post without commentary by them. Do you think that all the readers were born yesterday that they don't realize this?

 

[MisterBeale]

I wish you wouldn't spam the boards with news articles w/o adding any meaningful commentary. You do this every night around the same time.

It is really annoying.

It is really quite annoying seeing comments from silly people who contribute nothing to this forum. By the way, has anyone tied you up and is forcing you to read my posts? My goodness, I read very, very few of the posts on all these forums. I suggest that you do too so that you can get a life. Actually it looks like you roll out of bed in the morning, run to these forums, and continue into the night.

Say, since I don't run around to these forums like many do. has anyone noticed those like Mister Beale criticizing others (who probably have the same mind set as they do) for saying nothing but posting paragraph after paragraph after paragraph after paragraph of an article?

USMB Rules and Guidelines

I don't report folks for breaking the forum rules. If I did, you would be a top offender.

Site Wide Rules And Guidelines:

The following Rules Apply Everywhere unless otherwise stated on USMB, including Posts, Chat Box, Private Messages, Visitor Messages, and Signatures:

• When starting a new Thread, please first check and confirm that there are not Current Threads, on the Same Topic, This will Avoid Merges. Please select the forum that best relates to the subject matter of your topic. Opening Posts require more than a Copy and Paste with a Link, You need to include relevant, on topic material of your own. When posting a new topic do not use the CAPS lock.

I have a great idea. Why don't you report me, and then you can start contributing to this forum so that people can respond to many of your threads about the Middle East. I think people are literate enough here that they don't have to hear me babble on and on about my thoughts before I post an article since articles themselves are pretty self-explanatory and, of course, are in English which I am pretty sure all the readers understand. If I didn't think that some people might enjoy reading the article, I wouldn't have even posted it.

Now a suggestion for you. Go get a life. Nobody has a gun to your head forcing you to read anything I post. In addition, stop being a hypocrite by just picking and choosing whom you want to criticize when you have been quiet about criticizing others with their post after post without commentary by them. Do you think that all the readers were born yesterday that they don't realize this?

 

[MisterBeale]

Nobody has time for your silly propaganda. . . .

Central Banks are the Real Target for West’s Imperial Wars
Central Banks are the Real Target for West's Imperial Wars
Syria

In this case, the most obvious and recent victim of the US/NATO juggernaut is the embattled nation of Syria. So far, the most religiously tolerant nation in the Middle East has been forced to endure NATO-backed death squads and savage terrorists (aka peaceful protestors as defined by the Western media), Western sanctions, direct aid to the destabilizing agents by NATO forces, covert operations by British and American intelligence agencies as well as French special forces inside Syria, and now the growing potential for direct NATO military action.


Coincidentally, Syria is one of the last nations left in the world that maintains a government-owned central bank. This fact has been the cause of some consternation from the International Monetary Fund (IMF). In fact, in 2006, the IMF actually published its annual Article IV Consultation Report regarding Syria’s economic developments. Among the recommendations made by the IMF in the report were suggestions of changes to the Syrian banking system. The report reads:


Progress toward this medium-term goal should start by having the central bank gain full control of existing direct instruments. The central bank should have the right to decide on credit ceilings and credit policies of banks with a view to ensuring a pace of credit and monetary expansion consistent with maintaining price stability while fostering economic activity and employment. Banks have to abide by all prudential regulations. Beyond this, the role and responsibilities of the central bank and the ministry of finance in exercising oversight on the banks should be clearly defined. While the government could play a lead role in choosing the board and the management of public banks, the CBS should have the authority to evaluate and approve banks’ policies, and procedures related to the credit and investment.


Clearly, if these are the responsibilities the IMF believes the Syrian Central Bank should have, then it logically follows that they are responsibilities it does not have currently.


All in all, the Syrian banking system largely consists of four state-owned banks and fourteen private banks, mostly foreign banks providing services to the private sector inside Syria. For at least forty years, the state itself has maintained a total monopoly on the Syrian banking system. Even when that total monopoly was broken, it was not in the form of the privatization of the central bank, it was merely allowing private banks to operate commercially inside the country at all.

 

[Sally]

Nobody has time for your silly propaganda. . . .

Central Banks are the Real Target for West’s Imperial Wars
Central Banks are the Real Target for West's Imperial Wars
Syria

In this case, the most obvious and recent victim of the US/NATO juggernaut is the embattled nation of Syria. So far, the most religiously tolerant nation in the Middle East has been forced to endure NATO-backed death squads and savage terrorists (aka peaceful protestors as defined by the Western media), Western sanctions, direct aid to the destabilizing agents by NATO forces, covert operations by British and American intelligence agencies as well as French special forces inside Syria, and now the growing potential for direct NATO military action.


Coincidentally, Syria is one of the last nations left in the world that maintains a government-owned central bank. This fact has been the cause of some consternation from the International Monetary Fund (IMF). In fact, in 2006, the IMF actually published its annual Article IV Consultation Report regarding Syria’s economic developments. Among the recommendations made by the IMF in the report were suggestions of changes to the Syrian banking system. The report reads:


Progress toward this medium-term goal should start by having the central bank gain full control of existing direct instruments. The central bank should have the right to decide on credit ceilings and credit policies of banks with a view to ensuring a pace of credit and monetary expansion consistent with maintaining price stability while fostering economic activity and employment. Banks have to abide by all prudential regulations. Beyond this, the role and responsibilities of the central bank and the ministry of finance in exercising oversight on the banks should be clearly defined. While the government could play a lead role in choosing the board and the management of public banks, the CBS should have the authority to evaluate and approve banks’ policies, and procedures related to the credit and investment.


Clearly, if these are the responsibilities the IMF believes the Syrian Central Bank should have, then it logically follows that they are responsibilities it does not have currently.


All in all, the Syrian banking system largely consists of four state-owned banks and fourteen private banks, mostly foreign banks providing services to the private sector inside Syria. For at least forty years, the state itself has maintained a total monopoly on the Syrian banking system. Even when that total monopoly was broken, it was not in the form of the privatization of the central bank, it was merely allowing private banks to operate commercially inside the country at all.

I cab see what Mr. Beale's problem is. I haven't written articles criticizing the West, so this goes against the grain for him. Silly man, calling my articles propaganda just because he doesn't like what they are saying. One would think that Mr. Beale would get a life instead of worrying about my articles. I don't run around reading his and then criticizing him if I don't agree with something.

The bottom line here is that regardless of whom has brought on this problem, the people are still having problems feeding their families. I feel for them trying to make ends meet, the same way I feel about people here who have to make the decision between food and medicine, and who many times think twice about turning on the heat and air conditioning when they should.