Currency trading thrives openly in Syria as restrictions ease, traders seize new opportunities [Video]

Foreign currency trading is thriving openly in Syria, a stark change from its previous illegality under the Assad regime. Traders, many with no banking experience, have set up businesses near the central bank in Damascus, enjoying newfound freedom. Previously, the central bank controlled exchange rates, and security forces harshly enforced laws against black market trading. Now, traders face fierce competition but report sufficient income. Customers, once reliant on the black market, appreciate the accessibility of currency exchanges. Unlike banks, these traders pay no taxes and operate independently, aiming to maintain their autonomy.

Al Jazeera’s Hamza Mohamed reports from Damascus, Syria.
Karam Shaar is a Political Economist and Director of Karam Shaar Advisory Limited. He joins us from Wellington, New Zealand to discuss the latest updates.

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