The Central Bank of Syria has announced a more than two percent increase in the exchange rate of the dollar against the Syrian pound in its Remittances and Exchange bulletin. This adjustment is attributed to the decline in the pound’s value on the black market.
According to the bulletin released on Wednesday, the USD’s exchange rate rose from 12,700 to 13,000 Syrian pounds, a 2.3 percent increase or 300 Syrian pounds at once. The Remittances and Exchange bulletin sets prices for the purchase of foreign commercial and personal remittances, aligning them closely with the Syrian pound’s black market value against the USD.
Within a month, the Central Bank of Syria has reduced the exchange rate of the Syrian pound in the bulletin by 3 percent, from 12,600 to 13,000 Syrian pounds. In the official bulletin, the decrease during the same period reached 8 percent, dropping from 11,500 to 12,500 pounds.
This adjustment is in response to the rising value of the dollar against the pound on the black market, where the selling price in Damascus reached 14,500 pounds, and the purchase price reached 14,300 pounds. In Aleppo, the selling price reached 14,600 pounds, with a purchase price of 14,400 pounds per dollar.
Analyzing the exchange rate trend in 2024, there has been a decline of approximately 300 pounds in the Aleppo market and 200 pounds in the Damascus market. This translates to a daily decrease of about 0.5 percent, as reported by Lira Today.
The year 2023 marked a significant downturn for the pound, with its exchange rate against the dollar plummeting by about 110 percent. Starting at 6,500 pounds per dollar, it reached 14,000 by the end of the year, with expectations of further decline in 2024.
In the official market, the pound experienced a staggering 300 percent decline, with the dollar exchange rate in the Remittances and Exchange bulletin dropping from 4,500 pounds to 12,700 pounds by the end of 2023.
Economic researchers attribute the severe depreciation of the pound in 2023 to the policies of the Syrian regime and the Central Bank. The Central Bank’s role has shifted from being a regulator of the pound’s exchange rate to closely monitoring the parallel market on a near-daily basis, rather than making informed pricing decisions.
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.