And on Sunday, the Central Bank of Syria issued a warning to Syrian citizens that they should take precautions due to the spread of a quantity of counterfeit “foreign currency” in the country.
The bank said that the source of these counterfeit foreign currencies was the “informal market”, meaning the black market.
Crunch of a heavy caliber
Although the bank’s warning did not specify a specific counterfeit currency, most of the weights go to the dollar, as it is the most active currency in the black market.
The majority of Syrians who need the US currency to carry out certain transactions resort to the black market to buy dollars, as most banks refuse to sell them or impose very complicated procedures to sell them.
On the other hand, citizens who obtain dollars from their savings or from foreign transfers refuse to replace the dollar at the official rate, since it is less than the black market price.
This comes despite the fact that the Syrian Central Bank a few weeks ago greatly reduced the value of the Syrian pound against the dollar, so that the price of one dollar came to 2512 pounds.
On the black market, the dollar is currently worth 3115 liras, which is about 600 liras higher compared to the official level.
With the presence of the counterfeit dollar, most Syrians will be reluctant to resort to the black market to buy, which will represent great suffering.
“We check it better”
However, some Syrians question the integrity of what was stated in the statement of the Central Bank of Syria.
The bank clearly stressed the need for citizens to refrain from buying foreign currencies from the informal market and resort to banks and exchange companies to obtain their needs.
Some interpret this requirement as “the main significance”.
Skeptics believe that the central bank failed to return the dollar to official channels by reducing the value of the lira, so it resorted to intimidating citizens from the black market.