Today, the whole world is going through financial and economic turmoil that shakes the old before the young, but the Arab countries have had a share in the deterioration of their local currencies in the global market.

Which greatly affected the lives of citizens.

Arab currencies collapse successively in countries where corruption, sectarian and security "mafias", and merchants of wars and crises are widespread.

It is natural that the Syrian pound, for example, does not rise in a country whose regime is based on “looting”, drug trafficking, extortion of businessmen and economists, the displacement of people, manpower and capital, and the transformation of people into a group of starving and destitute people.

According to what was stated in the episode of the “The Opposite Direction” program, it is natural that the Arab local currencies do not witness any kind of prosperity as long as they are called sectarian gangs whose only concern is plundering wealth and impoverishing the people.

While some experts believe that the deterioration of local currencies in many Arab countries is a natural result of the counter-revolutions that succeeded in returning the people to the "corral" of obedience, but failed to secure bread and advance economies.

However, this does not negate the impact of external factors, which in turn led to the deterioration of even the strong European currencies, as well as the economic and living conditions in the Arab countries that have undergone over the past decade severe political and social transformations and upheavals. Wars and external intervention, as in Syria, Yemen, Libya, Iraq and Lebanon.

authoritarian regimes

Regarding the reasons behind this deterioration, Professor of Political Science and International Economic Relations Raed Al-Masry explained - in his interview with the "The Opposite Direction" program (17/1/2021) - that most Arab countries are governed by authoritarian regimes that are unique in governance, and these regimes deal with people as mere numbers. No future is drawn for her.

The Arab regimes are working to link all their political and economic projects abroad, pointing out that the emphasis on loans and the general situation in Arab banks gives a clear indication of the weak GDP of the state and the weak purchasing power of individuals, as well as the impact of external interference and divisions created by the ruling regime, he said.

Al-Masry also said that the "organized militias" in the Arab countries seek to prevent any changeable popular movement that wants to reform economic systems, indicating that it is natural for local currencies to reach this level of decline as long as corruption is widespread and the corrupt are not held accountable.

Peoples responsibility

On the other hand, the former Egyptian Undersecretary of the Egyptian Ministry of Economy, Abd al-Nabi Abd al-Muttalib, saw that the collapse of Arab currencies during the past two decades is due to the Arab Spring that the region witnessed, during which the peoples who persevered in their national project were unable to reach a decent life, indicating that the Arab region is favored by some. A life of "eating from garbage" in exchange for false security, blaming the peoples for this.

He pointed out that some theories talk about devaluing the currency as an attempt to make the economy more competitive, but this matter depends on not prejudicing the interests of the people and their basic requirements, and this is what the Arab countries lack.

He inferred from this the extent of the effectiveness of the economic theory in the case of Tunisia, in which the devaluation of the dinar led to an increase in foreign tourism by 10%, and he also indicated that Egypt's revenues from tourism increased by one billion dollars after the devaluation of the pound.

This was rejected by Raed Al-Masry and considered it a justification for the rulers' domination and tyranny, especially since these countries have rentier economies based on part of tourism and expatriate remittances.