Zaki Mehchy

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The Syrian Central Bank building in 2008. Photo: Getty Images.

The Syrian currency depreciated by 11% between mid-August and the first week of September, to reach an unprecedented level of SYP692 to the US dollar. According to the government, the main reasons behind this collapse are the international sanctions imposed on Syria and currency speculation.

Accordingly, the government has forced speculators and local foreign exchange companies to sell the US dollar instead of holding it. Moreover, Syrian security agencies have pressured profiteers with close links to the regime to effectively participate in campaigns that support the local currency. Indeed, the Syrian pound appreciated in value in only a few days to reach an average of SYP615 for $1 in the second week of September.…  Seguir leyendo »

Families walk through the Abu Duhur crossing on the eastern edge of Syria's Idlib province as members of Russian and Syrian forces stand guard. Photo: Getty Images.

After successful operations to retake territory, supported by its allies, the Syrian regime now governs over the vast majority of the country’s population once again. In parallel to this military strategy, it is now trying to boost its legitimacy among that population and to present itself as the ‘saviour’ of the Syrian state.

A legitimate political regime means that people have faith in its capacity to protect their rights and maintain their state’s foundations. In general, a legitimate regime is accepted by the international community, and it is able to make people willingly obey its order as the sole representative of their interests.…  Seguir leyendo »