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The Site That Shook the Syrian Economy: Syria Stocks Stops Monitoring the Dollar

Website ceases monitoring the dollar exchange rate following accusations the site is responsible for currency speculation, resulting in a huge drop in the Syrian Pound
The Site That Shook the Syrian Economy: Syria Stocks Stops Monitoring the Dollar

The Syria Stocks website has declared it will stop broadcasting official exchange rates services, including to its dedicated mobile application.

In a statement to its 300,000 followers on Tuesday, the service announced its administrators have decided to stop broadcasting currency exchange rates "from now until forever".

The site temporarily ceased broadcasting currency exchange rates on the Syrian black market for a month following direct accusations by pro-regime media of being responsible for a hike in the dollar exchange rate by broadcasting fake prices. The site quickly returned to work in the field of monitoring foreign exchange currencies.

The site has justified its decision, claiming its "success in monitoring the exchange rates in Syria and reporting this information to its followers through different software and techniques, may lead to damage or misunderstanding as a result of the general situation," according to the statement.

The Governor of the Central Bank of Syria, Adib Mayalah, earlier this month directly – and for the first time – accused Syria Stocks of causing the rise in the dollar price.

In the intervention session held earlier this month, Mayalah mentioned Syria Stocks in the context of his warning on "websites broadcasting false and low exchange rates in order to speculate on the Syrian pound".

Syria Stocks has said it would turn its activity towards providing its fans with economic information, thanking all those who criticized the site out of fear for the national currency.

Syria Stocks has long been attacked by pro-regime media, claiming the site is responsible for broadcasting either higher or lower dollar exchange rates in order to damage to the Syrian national currency.

The pro-regime Al-Watan newspaper published an article a month ago directly accusing the site and its administrators of being Turkish agents, working to damage the Syrian economy.

In its statement, the site claimed that its administration would “welcome any joint cooperation that may serve the Syrian citizen and protect his daily income", adding that the website has stopped monitoring the price of the dollar, which is evidence of self-management. “We stop the (services) whenever we want and we activate them whenever we want", the site stated in reference to accusations related to cooperation with foreign countries.

The charges raised by Mayalah and pro-regime media sources has sparked outrage among many commentators in social media pages – both pro-regime and opposition – with some commentators questioning: What kind of state is this, if its economy can be shaken by a website?

Translated and edited by The Syrian Observer

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