Syrians endure hours-long waits for cash amid economic crisis

In the heart of Damascus, long lines outside banks have become a daily sight, as Syrians struggle to access even the most basic financial resources.

With cash in short supply and ATMs running dry, citizens like Abu Fares are left waiting for hours—sometimes days—just to withdraw a meager portion of their salaries, highlighting the deepening economic crisis following years of war and sanctions, Caliber.Az reports per foreign media.

In central Damascus, Abu Fares, a 77-year-old pensioner, sits wearily on the pavement outside a bank, waiting for a portion of his pension.

"I've been here for four hours and I haven't so much as touched my pension," he says, visibly frustrated. "The cash dispensers are under-stocked and the queues are long." 

Since the ousting of President Bashar al-Assad in December, Syria has faced immense challenges in recovering from nearly 14 years of civil war, and its banking sector is grappling with significant issues. 

According to the United Nations, nearly 90 per cent of Syrians now live below the poverty line, a consequence of decades of harsh sanctions imposed on the Assad regime. These sanctions have severely impacted the country's financial system, exacerbating a widespread liquidity crisis. As a result, authorities have placed strict limits on cash withdrawals, making it increasingly difficult for many to access even the most basic financial resources.

"We can't continue like this," says Abu Fares, referencing the dire situation for people relying on state-supported income.

Before Assad's removal, Russia held a monopoly on printing Syrian banknotes. Since his departure, the new authorities have only reported receiving one shipment of banknotes from Moscow. 

With around 1.25 million public sector employees in Syria, civil servants are forced to wait in long lines at limited state banks and affiliated ATMs. Withdrawals are capped at 200,000 Syrian pounds (roughly $20 on the black market), with many individuals taking a full day off work just to access their funds.

"There are sick people, elderly... we can't continue like this," Abu Fares adds. At a private bank, an anonymous employee explained that ATMs are deactivated at the end of the day due to the severe cash shortage. "There is a clear lack of cash," the employee said, underscoring the daily challenges citizens face. 

Queues of around 300 people are common outside the Commercial Bank of Syria, with many sitting on the ground in exhaustion. Afraa Jumaa, a 43-year-old civil servant, shared her frustration, noting that most of the money she withdraws goes toward travel expenses to reach the bank.

"The conditions are difficult, and we need to withdraw our salaries as quickly as possible," she said. "It's not acceptable that we have to spend days to withdraw meagre sums." The Syrian pound has drastically devalued since the civil war began in 2011. 

Economist Georges Khouzam explained that foreign exchange vendors—whose operations were previously banned under Assad—have intentionally reduced cash flows in Syrian pounds, manipulating the market for profit. Muntaha Abbas, a 37-year-old civil servant, recounted her struggle to withdraw her entire salary of 500,000 pounds.

"There are a lot of ATMs in Damascus, but very few of them work," she said. After waiting five hours, she was able to withdraw only 200,000 pounds. "Queues and more queues... our lives have become a series of queues," Abbas lamented.

By Naila Huseynova