There has been a sudden improvement in the exchange rate of the Syrian pound against foreign currencies, during the past two days, after it approached the barrier of 5,000 Syrian pounds per dollar.
The exchange rate improved within ten days, by about 1,300 pounds, as it reached 4,700 pounds per dollar on March 17, after which it began to improve, reaching 3,400 today, Sunday, according to the “Syrian Pound Today” website, which specializes in foreign currencies.
The Secretary of the Damascus Chamber of Commerce, Mohammad Hallaq, said that prices will inevitably decrease, but this process requires the consumer to buy and not wait for it to decrease.
Hallaq explained that when the market movement begins, prices automatically begin to decline, noting that the canned food prices have already dropped.
He pointed out that the Damascus Chamber of Commerce does not interfere with the work of merchants, but rather clarifies matters to them. When the exchange rate decreases, it is better for the merchant to sell goods at a lower profit, and make a bigger profit from selling more goods.
He explained that the decline in the exchange rate is real and clear to all, and the decline in gold is a great indication and proof of the trend. As a whole, he added, importers and stakeholders always reduce prices when the exchange rate decreases and when the currency strengthens.
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.