A Historic Collapse of the Syrian Pound Against the Dollar

The Syrian pound reached a new low on Thursday evening, reports Etihad Press. 

The exchange rate of the Syrian pound against the US dollar has fallen again due to the deterioration of the Syrian economy. On Thursday it recorded the lowest exchange rate in history.

The pound against the dollar recorded a low exchange rate Thursday evening, touching 3,410 for sale and 3,360 for purchase.

The exchange rate of the pound against the US currency in Aleppo was 3,400 for sale and 3,350 for purchase.

In Idleb, which is considered the least affected by the low exchange rate of the local currency, the pound recorded a price of 3,370 pounds for sale against the dollar, 3,330 for purchase.

The Artisanal Association for Jewelers and Goldsmiths in Damascus raised the local official price of gold by 10 thousand pounds per 1 gram, within less than 48 hours only, according to its daily price bulletins, due to the continued decline in the value of the Syrian currency every day.

The price of a gram of 21-carat gold was 165,000 pounds for sale and 164,500 for purchase.

The continued decline in the value of the pound is sending the prices of basic food and supply commodities soaring throughout the country, registering the highest prices, which makes citizens unable to purchase basic food 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.

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