Syrian currency traders brave bombs in rebel-held Aleppo

Amr Bankasly lives at the heart of this. A banker in the eastern rebel-controlled part of the city, he exchanges currencies for locals every day, so much so that he says he sometimes runs out of Turkish lira.

With ceasefire after ceasefire failing to bring long-term peace to Syria's pre-war largest city, local currency exchanges like Bankasly's are of paramount importance as they convert Syrian pounds to and from US dollars, Turkish lira, the Euro and other currencies for both Syrians abroad and within the largely destroyed city.

But as evident in Western Union branches closing due to the conflict and clashes raging on, Bankasly and his colleagues conduct business in a difficult environment.

Aleppans use local money transfer and currency exchange centres to send and receive money, according to local bankers.

"We exchange the Syrian pound to the US dollar and other currencies like the Euro and the Saudi Riyal," Bankasly, who works at Abu Amro currency exchange in Aleppo tells The New Arab.
 
"We also receive remittances from abroad and distribute them to people here."

The money is transferred through a variety of ways.

Local currency exchanges convert Syrian pounds to and from other regional currencies and the US dollars [AFP]

"We use offices in countries and provinces around the world," said Muhammad al-Abdallah of Ma'n Exchange Centre in Aleppo.

Ma'n operates as most money transfer businesses do worldwide – customers pick up and deposit the funds at the affiliated branch closest to them.

But things are not always that simple in Aleppo.

Some journalists, for example, are unable to open up reliable bank accounts in eastern Aleppo. Instead they receive money through friends with accounts in Turkey, who then send them the funds through companies like Ma'n.

According to Bankasly, the combination of a large number of currency exchanges and the lack of violence in Turkey makes sending money through companies there far more reliable.

To send money to other parts of Aleppo, locals have at times used actual couriers who travel between regime and rebel areas, an oft-dangerous task.

To send money to other parts of Aleppo, locals have at times used actual couriers who travel between regime and rebel areas, an oft-dangerous task

The situation is further affected by the government's monetary policy. Abdallah says his job is made easier by being located in rebel-held Aleppo.

"We also send remittances to locals' families in regime areas since it is stipulated that the Syrian pound, not the US dollar, is to be used in Syria," he said.

The government has cracked down on foreign currency traders before.

Bankasly and Abdallah make their jobs sound normal in some respects, but they're anything but. The violence in Aleppo causes price fluctuations and creates hardship that make the market downturn following the Brexit vote look like peanuts.

The Syrian pound is currently dropping at one of the fastest rates since the start of the war in 2011 at present.

"When there are battles and the regime suffers losses, the Syrian pound plunges vis-a-vis the US dollar," said Abdallah.

"Everything in our field is dependent on the military and political situation. When the regime expands its position on the ground, the Syrian pound rises," added Bankasly.

For Bankasly and Abdallah, living in rebel areas-this presents somewhat of a dilemma.

The Assad regime and Russia are responsible for much of the destruction and bombing in eastern Aleppo, but when the regime succeeds, they claim the Syrian pound rises, making their job easier.

The Assad regime and Russia are responsible for much of the destruction and bombing in eastern Aleppo, but when the regime succeeds, they claim the Syrian pound rises, making their job easier

Some established, international financial companies have been affected by the war in Aleppo as well, such as Western Union.

"Locations near IS-occupied territory and war zone (Aleppo, Deir Az-Zour, Kamishli) have been suspended," Nogay Kanpolat of Western Union told The New Arab.

Kanpolat too notes some of the effects Abdallah and Bankasly see on a daily basis.

"Since 2012, we have observed an increasing number of Syrians immigrating to neighbouring countries such as Lebanon, Jordan and Turkey. Highly educated labourers prefer to migrate to the EU and US," he said. 

"As a result of such a trend and constant value loss of the Syrian pound, Syria became more of an inbound country," he added, demonstrating the importance of the remittances Abdallah and Bankasly convert.

Dealing with so many civilians poses a risk for small companies like Bankasly's.

When asked by The New Arab if he is afraid the money he sends is being used to finance terrorist organisations, Bankasly replies: "In general, all our clients are civilians, but everyone is using the money for their own purposes.

"Syrian army people use our services, and there are drugs, weapons and a lot of bad things it's possible for people to use the money for."

Despite the risks, complications, and bombs, Abdallah believes he will work as long as he is alive, war or not.

"In general our works never stops," he said, "Currency exchange is an essential part of life."