COUNTERFEIT NOTES UNDERMINE SYRIA ECONOMY

The arrival of the Turkish lira and dollars from areas in northern Syria or carried by Syrians coming from abroad has led to an increase in currency exchange activities, and soon it became a quick-profit business, with much counterfeit money circulating, especially in Syrian currency.

University student Maya Abboud said that she tried to send an amount to her family in the city of Jableh, but the transfer company discovered that she was carrying three counterfeit notes of 5,000 without her knowledge.

She added that a citizen who does not have enough experience finds it difficult to differentiate between counterfeit currency and legitimate currency, and can easily fall victim to the fraud and scams of counterfeiters and currency promoters in the market.

With the decline in the value of the currency against the dollar and inflation in Syria, many people do not check all the financial bundles during exchanges or commercial transactions due to the time it takes, and thus, counterfeit notes can easily be mixed in.

Maya is not the only one who has fallen victim to this phenomenon; Abdurrahman, a dentist, told Enab Baladi that after receiving a sum from one of his patients, he discovered that all the bills had different textures and colors, indicating that many people mix counterfeit coins with legitimate ones and sell them.

Goldsmith Youssef Ali in the Mezzeh area of Damascus said that many customers want to exchange money but discover they are carrying counterfeit currency without realizing it.

Lost 99% of its value

Dr. Abdurrahman Mohammed, Vice Dean of the Faculty of Economics for Administrative Affairs and Student Affairs at Hama University, told Enab Baladi that the Syrian pound has suffered a severe collapse, losing more than 99% of its value against the dollar since 2011, which has made it susceptible to counterfeiting due to the low cost of printing small denominations compared to the potential gains.

He stated that the phenomenon of counterfeiting currency in Syria is one of the symptoms of an economic structural crisis that requires comprehensive solutions, starting with strengthening border controls and regulatory oversight, continuing with monetary policy reforms, and concluding with restoring political stability, which is a prerequisite for economic recovery. Without radical remedies, this problem will continue to dismantle the monetary and social framework of the Syrian market.

What are the causes of counterfeiting?

The weakness of government oversight and the lack of trust in the local currency have driven some counterfeiters to print counterfeit money to compensate for the liquidity shortages. Additionally, the weakness of security and regulatory institutions has led to the spread of organized counterfeiting networks operating relatively easily. This has been exacerbated by the lack of advanced systems to detect counterfeit currency (such as security threads or special inks), according to Dr. Abdurrahman Mohammed, Vice Dean of the Faculty of Economics at Hama University.

He further explained that the growing demand for cash in the parallel market, due to international sanctions, has led most transactions to shift to the informal sector, which has increased the demand for cash (including counterfeit currency) to finance daily activities. Moreover, the spread of corruption and money laundering through borders with neighboring countries has also played a role.

To read the complete article, see:
Counterfeit currency gangs undermine Syrian economy (https://english.enabbaladi.net/archives/2025/05/counterfeit-currency-gangs-undermine-syrian-economy/)

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