Syrian Pound Records Biggest Decline and Reaches 1,000 Barrier

The Syrian pound reached a very worrying milestone, as it hit the 1,000 pound mark against the dollar, signalling yet more economic troubles reports Alsouria Net.

The Syrian pound recorded its biggest decline in history on Sunday, reaching the 1,000 pound barrier against the dollar.

According to a post on the Syrian Pound Today website, the pound reached a selling price of 1,000 and 990 buying against the US dollar.

The collapse of the Syrian pound in the exchange market comes amid silence from the Central Bank and the Assad regime government.

The record level of the collapse which the Syrian pound is currently reaching is the first seen in its history.

The Syrian pound had seen a number of collapses in recent months in the currency market, exceeding the 900 barrier and becoming established at this level over the last three months.

The reasons for the swift collapse have not yet become clear, especially given that its collapse has created a state of stagnation in the markets, given the major rise that it saw, and residents ceasing to buy.

The head of the regime, Bashar al-Assad, commented on the economic, service and living situations as well as the pound’s exchange rate and the mechanisms for improving it at the end of October during a meeting with the Syrian and Al-Ikhbariya channels, saying that, “the blockade has affected state resources in terms of the dollar or hard currency in general.”

He said at the time that, “There is a game of speculation against the Syrian pound ongoing inside and outside Syria, and there is a speculative game occurring on social media.”

 

This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.

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