For Second Consecutive Day: Regime’s Central Bank Reduces Exchange Rate of Remittance

The CBS has set the exchange rate at 6,550 SYP to the dollar in the remittances and exchange bulletin, according to Shaam Network.

On Monday, the Central Bank decided to lower the exchange rate of the Syrian pound against the U.S. dollar in the remittances and exchange bulletin, setting it at 6,550 SYP to the dollar. This marks the second consecutive reduction.   

According to the Remittances and Exchange Bulletin No. 8 issued on Monday by the Central Bank, the exchange rate of the Syrian pound against the euro was set at 6985.58 SYP per euro, according to its estimates. 

Syria Today – Assad Tours Aleppo Six Days After Earthquake

According to the regime’s information, this bulletin is issued by the Central Bank for cash exchange and the purchase of foreign remittances, specifically commercial and incoming remittances for individuals, including those received through global remittance networks.

Expect real estate prices and rents to rise in regime areas 

In other news, the economist Ammar Youssef said that the next stage will witness a rise in rents and real estate prices that may reach 30%, following the demolition of many houses due to the earthquake, as he put it. 

Speaking to a newspaper affiliated with the Assad regime, he said, “At the current stage, we accept a new rise in real estate prices and house rents, as the rate of increase will reach 30%.” 

He added that this is exacerbating a major housing crisis for those affected by the earthquake, with many housing units out of service. In addition, some landlords have taken advantage of the surge in demand recently to increase the rent on their properties.  

He considered it necessary to start first by securing housing for the displaced away from alternative solutions so that the shelters are at an immediate stage and not as a final solution.  

The regime’s media estimates the number of shelters opened in the governorates affected by the earthquake at 275, including 235 in Aleppo, 32 in Lattakia, 5 in Hama, 2 in Tartous and one in Homs.     

He stressed that the decline in the exchange rate was not accompanied by a decline in the prices of goods and real estate, as the problem today lies in the collapse of the purchasing power of the Syrian pound, regardless of the exchange rate.


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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