The Continuing Decline of the Pound Against the Dollar

Syria's economic woes are continuing to plague the country as the value of the Syrian pound continues to slide against the dollar reports Business2Business Syria.

The value of the Syrian pound against the US dollar declined slightly during transactions this week in the parallel market, compared with levels recorded the previous week. The average price of the pound reached 530 Syrian pounds for purchasing and 533 pounds for selling against the US dollar.

According to a weekly report by the Damascus Center for Research and Studies, the decline of the pound is due to five factors. Mainly it is due to the continuing high levels witnessed by the US dollar compared to the main currencies in global markets, and the increasing pressure on the Syrian pound. The market is also continuing to wait and monitor developments, and there has been a relative return of speculative operations with the Syrian pound, as opportunities appear to make capital gains (resulting from the difference in selling and buying prices) as well as increased demand for the US dollar to secure private and public sector imports.

According to the center, in the official market the price of the Syrian pound against the dollar was stable at banks and exchange offices. The Syrian Central Bank is continuing to set the price of the pound against the dollar at 436 pounds per dollar. The selling price for the US dollar to receive transfers from abroad is set at 434 pounds. The price of the Syrian pound against the dollar according to the official bulletin is 438 pounds to sell and 435 pounds to buy.

The Syrian pound against the euro in the parallel market over this week’s transactions declined to 604 pounds per euro at the end of the week, compared with 595 pounds at the end of the previous week—a weakening of 1.51 percent. The Syrian pound also declined a little in the official market, by 0.10 percent, reaching 493.53 pounds at the end of the week compared with 493.05 pounds the previous week.

 

This article was translated and edited by The Syrian Observer. Responsibility for the information and views set out in this article lies entirely with the author.

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