Syrian Pound Continues to Slide

Syrians rush to withdraw cash as Syrian Pound plummets

The Syrian Pound has continued to slide against the dollar after days of rate fixing efforts, to reach 210 SP Tuesday, losing up to 175% of its black market value the outbreak of Syrian uprising in March, 2011.


The frenzied increase appeared to be prompted by government rumors circulating about imposing criminal measures against foreign currency dealers.


The Syrian Pound is trading at a rate of about 115 SP to the U.S. dollar, according to Central Bank data, while in the black market the rate has reached as high as 210 SP.


The pound used to trade at about 47 SP to the dollar before the uprising in 2011.


Syrians made a frenzied run on cash withdrawal from Syrian banks, as a result of the collapse of the Syrian Pound. The collapse also precipitated a wave of sharp price increases, especially given prices for Syrian  goods remain unfixed, while incomes remain fixed at 15,000 SP per month, or about $78, according to Iqtissadi.


Translated and edited by The Syrian Observer




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