The Central Bank of Syria has reduced the exchange rate of the Syrian pound against the US dollar for personal transfers for the second time within a two-day period. Simultaneously, the Ministry of Internal Trade and Consumer Protection has increased the price of gasoline.
According to the latest bulletin “Remittances and Exchange” issued by the Central Bank of Syria on Thursday, the price of personal remittances received from abroad has been raised to 8,500 Syrian pounds per dollar. This marks an increase of 100 Syrian pounds compared to the previous bulletin issued on Wednesday.
This adjustment represents the second consecutive time that the Syrian Central Bank has elevated the value of personal remittances in a span of two days. The bulletin released on Tuesday indicated a reduction in the value of the Syrian pound from 8,200 pounds to 8,400 pounds per dollar.
The “Remittances and Exchange” bulletin establishes the value of the Syrian pound for personal remittances received from Syrians abroad in US dollars, closely aligned with the exchange rate prevailing on the black market, which was introduced in February.
Consequently, the Central Bank of Syria has witnessed a decrease of 300 Syrian pounds in the value of the Syrian pound within the bulletin over two days and a total decline of 500 Syrian pounds since the beginning of June.
The bank’s decision has been driven by the decline in the exchange rate of the Syrian pound against the US dollar on the black market. According to the “Syrian Pound Today” website, the exchange rate of the pound has reached 9,500 pounds in the capital city of Damascus, while in Aleppo, the value of one dollar has reached 9,750 Syrian pounds.
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.