Following the demise of the Syrian regime, Bashar al-Assad’s currency lost public legitimacy, leaving it effectively useless.
Syrians began dealing with Turkish Lira in Turkish-controlled regions of the northern buffer zone. This tendency has now spread, with Turkish cash increasingly being used throughout Syria, from Aleppo to Damascus.
The Syrian Lira has significantly decreased in value, reaching 27,000 per U.S. dollar. As a result, a considerable number of Syrians are opting to exchange their dollars for the Turkish Lira, which is approximately 35 times less valuable than the dollar.
Cumhuriyet reports that economists indicate the increasing utilization of the Turkish Lira may yield beneficial outcomes for Turkey’s economy.
Experts indicate that the adoption of the Turkish Lira in Syria, although potentially temporary, presents certain advantages. “The Turkish Lira serves as a legitimate currency in Syria and has applicability on a global scale,” he stated. Şener highlighted that an expanded international adoption of the Turkish Lira has the potential to enhance Turkey’s economic stability, stating, “The more extensively a nation’s currency is utilized, the more robust its economy is.” He emphasized that the Lira has now been integrated into trade alongside the Russian Ruble and Chinese Yuan.
Experts also highlight that, given the current instability in Syria, the Turkish Lira serves as a pragmatic option for small-scale trade. He noted that this situation could change if Syria reinstates a stable currency. Tunca emphasized that the stability of the Lira is essential for the ongoing trade within the region.
In June 2024, Assad passed a law banning the use of all foreign currencies under his regime, mandating exclusive reliance on the Syrian Lira.
Meanwhile, in Idlib province, Hayat Tahrir al-Sham (HTS)—a group linked to Al-Qaeda’s former branch—made the use of the Turkish Lira mandatory after taking control in 2020. HTS, which reportedly received Turkish support, played a role in Assad’s overthrow but is officially recognized as a terrorist organization by Turkey.
