Economist on "Welat TV": Qamishlo traders manipulate exchange rates to recover their losses from the sharp decline

Welat TV - Erbil

The Syrian pound is gradually recovering day by day, but the prices of goods and commodities remain unchanged. Many people claim that sellers manipulate prices at will, while others attribute this to the instability of the Syrian pound.

Economic expert Shukri Mohammed confirmed that there are ongoing efforts by the Autonomous Administration to remove customs tariffs on goods, which could help reduce the prices of commodities.

In an interview with Welat TV on Sunday, 15/12/2024, Shukri Mohammed said that the movement of the dollar after the collapse of the regime was unstable and witnessed a significant decline.

He stressed the need for market regulation by consumer protection authorities to monitor violations and curb price manipulation. He pointed out that discrepancies in exchange rates may be due to manipulation by traders to recoup their losses caused by the rapid decline.

A resident told Welat TV: "The Autonomous Administration must hold traders and sellers accountable. A bundle of bread costs 3,000 pounds, although the value of the pound has improved from 28,000 to 8,000 pounds." Meanwhile, a seller explained: "We follow the dollar exchange rate, but some vendors refuse to comply, claiming they bought their goods at higher prices."

Is the rise in the pound real, illusory, or manipulation by traders?

Shukri Mohammed clarified that there is no stability in the dollar’s value across provinces, as exchange rates are generally higher outside Kurdish cities. He speculated that traders may have a role in this, while noting the dollar's gradual decline day by day. This, he explained, negatively impacts citizens, as the disparity ultimately falls on them. He advised people to hold onto their available currency and refrain from unnecessary spending, as traders manipulate exchange rates to recover their losses from the sharp plunge.

Will the Dollar Exchange Rate Rise Again Suddenly?

Shukri emphasized that true stability in the pound’s value has not yet been achieved and that sanctions on the former regime have not been lifted. These factors continue to prevent the Syrian pound from returning to its previous levels.

The Dollar Drops, Yet Prices Remain the Same!

Shukri urged consumer protection authorities to take responsibility and fulfill their duties in monitoring markets and prices. He praised the positive role played by some entities in this regard and called on all sectors of society—including doctors, engineers, and pharmacists—to reduce prices and fees and limit dollar-based transactions. He pointed to reports and studies suggesting the possibility of lifting customs duties on goods entering through border crossings in the near future, which could contribute to lowering commodity prices.

Who Controls the Dollar Exchange Rate in Qamishlo Markets, and Is There Oversight?

Shukri confirmed that oversight mechanisms are in place. He noted that in recent days, fears of a Syrian pound collapse prompted people to buy dollars. He added: "Today, the demand is for the Syrian pound, which is readily available. This is a matter of supply and demand, which will contribute to its rising value in the coming days."