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What does a million pounds buy in Syria today? | Economy News

manhattantribune.com by manhattantribune.com
19 January 2025
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What does a million pounds buy in Syria today? | Economy News
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Damascus– When I left Syria in 2011, only a few people owned a million Syrian pounds (about 20 thousand dollars at the time), and whoever owned this large amount was called a millionaire, and that million would enable you to buy a medium-sized residential apartment in some governorates or even the suburbs of the capital. Damascus, such as Douma, Moadamiya, or Harasta.

The Syrian citizen, with this amount, was able to buy a new car or two used cars, and also had the option of opening a project such as a supermarket or a store that sells computers and their supplies, or other small to medium projects.

Today, on a quick tour of the Damascus markets after I returned there 14 years after leaving, I found that zeros had multiplied on storefront numbers, and some of them now exceeded six zeros for the price of a coat or even a shoe.

The prices of clothing and materials in Syria increased in zeros with the weakness of the local currency (Al Jazeera Net)

Not enough for a week

Ahmed Al-Sabbagh says that one million Syrian pounds (currently worth only about 85 dollars) is no longer sufficient to cover the costs of living for a family of 4 or 5 members for a week or 10 days, in order to meet the minimum requirements of that living.

Speaking to Al Jazeera Net while he was buying some foodstuffs from Sheikh Saad Market in the Mezzeh neighbourhood, Al-Sabbagh added, “Look alone at the price boards in the markets to know what I mean… A million liras today can buy you a few liters of diesel for heating and to heat water for bathing, and a kilogram.” Of meat, another of chickens, oil, ghee, and some other food supplies.”

Most materials are available in Damascus markets, but their prices are not commensurate with customers’ income (Al Jazeera Net)

Al-Sabbagh indicated that he works as a teacher and his salary does not exceed 400 thousand liras per month (about 34 dollars) only, and this salary is not enough to live on even the minimum if it were not for the aid that comes to him from his brother and sister residing in Europe.

Despite the sales season in some markets, prices are not commensurate with the income of the Syrian citizen (Al Jazeera Net)

Coat and shoes

As for Muhammad al-Jamal, an expatriate who returned to Damascus this week after leaving it 10 years ago, he says that he went to the Salihiya market to buy new clothes and was surprised at the prices.

Al-Jamal told Al-Jazeera Net that most of the prices on storefronts are in the hundreds of thousands of liras, with a coat costing 600 and 700 thousand, and even shoes on the stalls now cost a quarter and a half million. He pointed out that all of these are after the discounts that most stores are competing to advertise on their facades.

He pointed out that it is possible that he can buy because he lives abroad, but those who live inside Syria and receive their wages in pounds are the ones who suffer the most.

The prices of clothes and shoes on street stalls have reached hundreds of thousands of Syrian pounds (Al Jazeera Net)

Double crisis

The journalist specializing in economic affairs, Ismail Al-Najm, says that the Syrian citizen suffers from two dilemmas. The first is weak income, as employees’ salaries can range from 10 to 30 dollars per month. The other is the significant increase in the prices of food, fuel, clothing, and all the necessities of life.

Al-Najm adds, in his statement to Al-Jazeera Net, sarcastically, that the entire Syrian people have now become millionaires, since the value of one million Syrian pounds is now equal to about 85 dollars only, and this value is no longer sufficient for him and his family as the price of public transportation during the month or as the price of a filled gas can.

Journalist Ismail Al-Najm says that the Syrian citizen is caught between the hammer of prices and the anvil of weak wages and salaries (Al Jazeera Net)

Al-Najm points out that the price of an empty gas jar currently amounts to about 800,000 Syrian pounds, in addition to 275,000 Syrian pounds for filling it from the black market, bringing its value to more than one million Syrian pounds. It is possible that this jar will not be enough to keep warm and heat water for showering for more than a week in the days of harsh winter and blackouts. Permanent electricity.

He pointed out that although the prices of food, fuel and some other materials declined in varying proportions after the fall of the regime, and the markets also witnessed the availability of some materials, especially fuel, the prices remained disproportionate to those with limited income and deteriorating living conditions.

Al-Najm pointed out that most of those in Syria do not depend on their small salaries, if any, but rather on transfers from their relatives and friends abroad, pointing out that most people are counting on the increase promised by the new administration for salaries, as well as on the reduction in prices after the decline in dollar prices in the markets during the weeks. The past, and also openness to imports from neighboring countries, especially Turkey, Lebanon and Jordan.

Tags: buyeconomymillionNewspoundsSyria.today
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