400% profit.. The expected Syrian situation pushes Iraqis to invest in the “lira” and experts warn
While Syria is witnessing major transformations that the whole world is waiting for, these transformations have opened the door to hopes for economic transformations as well, after the Syrian economy deteriorated greatly during the previous years under the rule of Bashar al-Assad due to sanctions.
The Syrian pound has undergone major transformations. At the beginning of 2021, it was Dollar It is equivalent to 3 thousand Syrian pounds, and in 2022 the price increased Dollar To 4 thousand liras, then it reached 8 thousand liras in 2023 and even 13 thousand liras in mid-2023, and with the continuation of economic sanctions and the collapse of many sectors, it rose Dollar At the beginning of 2024, it reached 15 thousand liras, then with the start of the battles by the armed factions at the end of November and the successive fall of Syrian cities by their hands, the collapse reached 19 thousand liras per dollar, then after the fall of the regime, it reached 22 thousand liras per dollar.
But with the start of reassurances about the situation and monitoring the possibility of involvement Countries Global with the help of Syria to establish nation New, the price of the lira returned to 16 thousand liras per dollar, with expectations that the lira will improve against Dollar With the formation of a new government and a new regime engaged with the regime Global From here
, it seems that there are many investors, whether in Syria or even in Countries The surrounding Arab countries, especially Iraq, have tried to invest in the Syrian pound, by purchasing large quantities of it. now While it is collapsing, where 16 thousand liras can be bought for every dollar, and waiting for its prices to rise with the improvement of the situation in Syria.
For example, if about 1.6 million liras are bought for only 100 dollars, then the return of the lira price to its price in 2021 only, for example, which is 3 thousand liras per dollar, then selling the 1.6 million liras will be at a price of more than 500 dollars, which means a profit margin of 400%.
But specialists in the currency market in Iraq warned against buying the Syrian lira and rushing to it, as the specialists said that Syria is a country without oil or exports and its situation is unclear, so do not let greed lead you and enter into investment in the lira, while they compared it to Turkey, which is a tourist and industrial country and an exporter to many countries in the world and their currency is collapsing.
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Al-Sudani: There are suspicions of corruption in all loan transactions in Iraq
Prime Minister Mohammed Shia al-Sudani acknowledged, on Saturday, that there were suspicions of corruption in financial loan transactions issued by Iraqi government banks.
In a speech he gave during the opening ceremony of the first Riyada Initiative Conference and Exhibition in the capital, Baghdad, Al-Sudani praised the role of banks in the process of lending to the youth participants in that initiative, adding that “let us admit that there are suspicions of corruption in all loan transactions, which we have reached in our previous experiences.”
He added, “We are facing a new reality and a new era for Iraq in which all its capabilities and natural resources that were not properly invested are invested, and these small projects will be the nucleus for other medium and large projects,” noting that “most advanced industrial countries started with small projects and ended with large companies that sponsor a full spectrum of small companies.”
Al-Sudani continued by saying: We are working on developing various sectors, and in partnership with foreign companies, the local product must be present, noting that “parts of the automobile industry can be manufactured in local workshops, and government banks will be present in supporting (Riyada) initiatives.”
The Prime Minister concluded his speech by saying: We have an integrated vision that starts with the youth to cover the needs of the local market for goods.
