Sharing a personal story to highlight the near collapse in the standards of living of most citizens in #Syria
-My cousin’s husband passed away this morning in Aleppo. He was diagnosed with cancer 3 months ago. He was an Agricultural Engineer who had worked for ICARDA
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2-#Syria ‘s currency has lost so much value that local currency income l, assets or savings are nearly worthless
One dose of Chemotherapy for his cancer treatment was quoted at $3,000. Doctor told them they need at least 4-5 doses
This was an inconceivable amount for them
3-While chemotherapy is priced in US$ , local income in SYP to pay for the above is in free fall
Income 1
Family owns small apartment that it rents out. Rent? $30 a month (SYP 95,000)
Income 2
Son works at a local back. Salary? $35 a month (SYP 110k)
Total $65 a month
4-Recap: Monthly income of $65 has to fund Chemotherapy where each dose costs $3,000
Calls go out to Relatives. Sister who lives in Iraq sends the first $3k for the dose
He quickly needs a second but the family hears it’s cheaper to buy it in #Lebanon where it costs $1,600
5-Son & sister make trip from Aleppo to Beirut. They wait for the transfer of $1,600 from Iraq to allow for the purchase of 2nd chemotherapy dose. They do this two more times
After 4th dose, the 67 year-old engineer is too weak to handle it all and he dies this morning
6-Having exhausted foreign transfers on chemotherapy, family now is out of funds to pay for burial
Total cost? SYP 2 million is needed by tomorrow. This is $625
When burial is finished, his wife has to travel to Damascus next as she also has not been feeling well of late
7-Why travel to Damascus rather than use an Aleppo doctor?
“The good ones are all gone. Damascus still has decent doctors who usually go back and forth to lebanon”
How much will trip to Damascus cost?
Will take 10 days and $800 total for hotels / doctor fees
8-How will you finance the funeral or the trip of to Damascus to treat your mom I ask the son?
“ No idea. We still have a car. I was thinking of selling it”
Father was an engineer. Mom teaches French
An absolutely stunning collapse of standards of living
Head of #Syria State Security Housam Luca made a visit to Tafas in Daraa province (Yes, Daraa again)
Goal was to help calm restless citizens who have had a list of complaints against the state
Short Thread ==>
2-As #Syria ‘s Head of State Security Housam Luca finished speaking, local citizens in the crowd seemed to reply back with agitation and anger towards the officials present
3-Local Tafas / Daraa residents then ask one of their own to speak to Head of State security official and list their grievances that ranged from missing and imprisoned men to widowed mothers not able to find bread for their children
Since the crisis began, R.Salameh has repeatedly told the nation that his Eco & currency policies were consistent with what has long been asked of him by the Government
Is this true? What does he mean by this?
Answer is Yes and No
Here is why ==>
Every Central Bank operates on the basis of a mandate / remit given to it by the Government
Different countries have given different mandates to their Central Banks
Such differences emanate from specific historical experiences each nation & society had experienced in the past
The U.S was scarred by depression & significant market swings in early 1900’s and when its Central Bank (Fed) was formed, congress gave it a dual mandate:
“Maximum Economic Growth and stable prices”
Note how there is no mention of currency stability in the mandate