The Syrian SYP’s collapse in the black market for foreign exchange continues unabated, reaching a new record against the US dollar at nearly 13,000 SYP for the greenback.
According to the latest bulletin from the SYP website on Sunday, the dollar’s exchange rate against the SYP rose by approximately 2 percent during trading in the capital, Damascus, and the city of Aleppo.
In Damascus, the selling price of the dollar reached 12,700 SYPs, with a purchase price of 12,500 SYPs. Meanwhile, in Aleppo, the selling price approached 13,000 SYPs, while the purchase price was 12,700 SYPs.
This drastic devaluation comes about a month after the start of the collapse following Eid al-Adha, leading the SYP to lose around 4,400 of its value, as it was initially priced at 8,500 SYPs when the foreign exchange market opened after Eid.
Last week marked the harshest decline since the SYP’s value plummeted following the outbreak of the Syrian revolution in 2011, with the currency losing approximately 2,700 SYPs.
The Central Bank ceased updating the “Remittances and Exchange” bulletin on Wednesday, settling at 9,900 SYPs for every dollar received through personal remittances in dollars from outside Syria.
On Tuesday, the Syrian Central Bank made an abrupt reduction of 400 SYPs in the bulletin, revising the exchange rate from 9,500 to 9,900. This came after six similar cuts were made within a two-week period, bringing the exchange rate down from 8,200 to 9,500 SYP per dollar.
Syrian economic analysts predict that the Syrian SYP will continue its downward trajectory against the dollar due to the failure of the Syrian central bank to intervene in the exchange market and curb the collapse.
The currency devaluation has been accompanied by soaring food and consumer prices, as traders and industrialists peg prices to the black market rate of the SYP.
The current salary of a first-class civil servant stands at only $9 per month, barely enough to sustain a family for a single day, while an average Syrian family requires around $250 per month to meet its needs.
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.