Syrian Pound Crashes Further

The Syrian pound has sunk even further, reaching a new low of 3,430 against the dollar in Damascus, writes Al-Modon.

The exchange rate of the Syrian pound declined on Sunday, significantly surpassing the 3,400 pound barrier against the US dollar. The exchange rate of the pound against the dollar in the Damascus markets recorded 3,430 pounds for sale and 3,400 for buying.

Banking sources attributed the decline in the exchange rate to an increase in demand against a shortage of supply, while all the regime’s attempts to rein in the currency proved unsuccessful.

The exchange rate of the pound against the dollar in Aleppo was 3,400 for sale and 3,360 for buying. In Idleb, the pound recorded an exchange rate of 3,310 for sale and 3,270 for buying. Idleb is less affected than others by the cash crash due to the entry of foreign currency through the crossings with Turkey.

The pound is in a state of permanent instability against foreign currencies, which will negatively affect the prices of goods and consumer materials as well as the price of fuel.

The Syrian Central Bank (SCB) announced last week a security intervention in the foreign exchange market, after the record deterioration of the currency against the dollar.

Local sources reported that the regime’s security services have arrested dozens of merchants and young men over the past two days in Damascus and Aleppo on charges of dealing in hard currencies and withholding large amounts of dollars. The detainees face the charge of manipulating the exchange rate, which carries a prison sentence of seven years as well as heavy fines.

 

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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