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Turkish lira collapse piles misery on northern area of war-torn Syria

The Arab News reported, Mohammed Al-Debek, a schoolteacher in northern Syria, is on strike: The currency devaluation in neighboring Turkey has slashed the value of his salary by two-thirds.
His town of Al-Bab lies in a northern area of war-torn Syria that in recent years has turned into a de facto Turkish protectorate.
Because the Turkish lira is now the main currency in the area, its recent nose-dive has heaped further pain on the people living there.
The 33-year-old said outside the washed-out yellow walls of his school: “My salary in 2017 was worth $160, but today it is worth $50, a fraction of its value."
“It’s barely enough to pay the rent.”

Ankara does not only have military control of the border region, but most of the products available on the markets and even the mobile phone operator are also Turkish.
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Areas of northern Syria run by Turkish-backed opposition groups switched to the lira as the main currency last year, replacing the massively devalued Syrian pound.
The lira has lost 45 percent of its value against the dollar this year alone and Debek’s purchasing power has plummeted, as has everybody else’s in the region.
He said: “After the collapse of the lira, I was forced to look for a second job after school."
His new afternoon job in a bookshop earns him another $40 but that still leaves him short of the $200 he says he needs to make ends meet.
Turkey directly administers several districts of northern Syria and, to seal its presence in the area, has invested heavily in education, health and other sectors.
The region’s economic fate is inextricably tied to Turkey’s and the lira’s sharp fall in recent weeks piled more misery on an enclave whose inhabitants are already scarred by war.
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A recent UN report on the humanitarian situation cited estimates that “97 percent of the population, even those that are in employment, are living in extreme poverty.”
Inflation is soaring just as fast as it is in neighboring Turkey, with basic food items such as bread selling at record prices and purchasing power at its lowest ever.
And when the price of a bag of flatbread stops rising, locals say, the amount of bread inside goes down.
Ahmed Abu Obeida, an official with the region’s chamber of commerce who also owns a company importing food products from Turkey, acknowledged that consumption had slumped.
He said: “The demand for basic materials has decreased, and the citizens in general cannot afford basic things such as their daily needs in food, medicine and heating."
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Hanaa Al-Yasbu, a 36-year-old woman who was widowed in an air strike five years ago and has since been living in a camp for war-displaced people, is one of them.
She usually earns around 20 Turkish lira a day by harvesting wheat and potatoes, enough to keep her five children warm and fed.
With her daily income now worth just a dollar and a half, Hanaa has to venture into the countryside to find firewood.
She said: “I dream that I have about 50 lira a day to buy food for my children to feed them, so they do not sleep hungry."
Source: arabnews
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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