Link to article: https://www.aljazeera.com/economy/2021/11/27/turkish-lira-crisis-hits-idlib-in-syria
The Turkish currency, the lira, has inflation rates of almost 20% and has lost about 40% of its value. Though this is a Turkish currency, it has largely affected the city Idlib in Syria. Idlib adopted the lira about a year ago. Most products are imported in Syria, so they have to pay high prices for products from Turkey. Most people in Idlib are greatly affected by this monetary crisis because they can barely afford basic necessities. Store owners like baker Mohammad al-Ahmad have no choice but to sell their baked goods for cheaper than is profitable because “how else would people afford it”, said al-Ahmad, even though the cost of the ingredients is skyrocketing because they are imported from turkey.
This article is important because it shows that as we have a more interconnected world (in this case with trade and adopting another country’s currency), though there are many benefits, there can be negative aspects such as being affected by other countries’ problems. The impact of this Turkish currency crisis on Idlib is astronomical because of trade complications in addition to having the currency in the city. Because much of Idlib’s produce and items are imported from Turkey, Idlib has to pay a lot for it so the people aren’t able to afford basic necessities. Because of this, it seems that it will be difficult for Idlib to recover from this because they are so reliant on the imports from turkey, so they will have to accept the prices that turkey puts on.
When trying to identify how Idlib could possibly get out of this economic disparity, we must consider their national interests. Since many things are imported to Syria, trade is a big priority on their national interest. They need to identify other ways of obtaining the products that they need from other counties, or perhaps from other parts of Syria. Though it is very inconvenient to Syria, especially Idlib, it is understandable as to why Turkey is charging so much for their exports, because every country’s national interests include economic gain. They are dealing with a massive economic crisis, so any way to make money is the route they want to take.