Currency in Crisis: Ways forward for GOAL Cash and Voucher Assistance in North-West Syria

FULL STUDY VERSION

Currency depreciation and price inflation are two of the main factors that influence Cash and Voucher Assistance (CVA) programming in North-West Syria. Between August 2019 and July 2020, the Syrian Pound (SYP) has dropped 161% against the US Dollar (USD), and the current trend of rapid depreciation in the value of the Syrian Pound (SYP) and the continuing increase in commodity prices pose immediate risks to the efficiency and effectiveness of CVA programmes.

GOAL, in partnership with Ihsan RD developed this study to outline the impacts SYP depreciation and currency choice in CVA programming can have on the effectiveness of aid delivery in North-West Syria, and identify strategies that can maximize the value of the assistance provided as well as strengthen operational efficiency both for humanitarian organizations and market stakeholders.

While the study’s primary aim is to support GOAL’s programmes and facilitate informed decision making on the choice of currency in which GOAL’s voucher values and repeat multi-purpose cash assistance (MPCA) will be set, it is hoped that the findings presented here will be useful for other organisations operating in NW Syria.

The overall objective of this study is to identify the most appropriate currency to use for GOAL’s cash and vouchers assistance in Idleb and Northern Aleppo, with a view to maximising the value of the assistance provided to beneficiaries and supporting operational efficiencies for GOAL and market stakeholders while keeping a ‘do no harm’ approach at the core.