The value of the Syrian pound continues its downward spiral against foreign currencies, with the exchange rate of the US dollar nearing 15,000 Syrian pounds. The situation reflects a persistent decline in the pound’s value. According to the specialized currency price platform Lira Today, as of Wednesday, August 16th, the selling price of the dollar reached 14,700 Syrian pounds, while its purchase price stood at 14,500 Syrian pounds. Similarly, the euro’s selling price was recorded at 16,057 SYPs, and its purchase price was 15,833 SYPs.
In a related development, the Central Bank of Syria made adjustments to foreign currency rates against the SYP in its recent Remittances and Exchange bulletin, factoring in rates from the unofficial black market. Consequently, the exchange rate for the dollar was revised to 10,700 pounds per dollar, up from the previous 10,300 pounds.
Despite the government’s assurances of implementing measures to stabilize the exchange rate, the SYP’s swift depreciation continues. Prime Minister Hussein Arnous referred to a series of decisions and proposed legislation aimed at bolstering the business sector and securing funds for imports. Nevertheless, over the past month alone, the pound has experienced a significant decline of around five thousand Syrian pounds per dollar.
This concerning trend began on July 11th when the US dollar surpassed the unprecedented ten thousand pound threshold in Syrian history, marking the commencement of its rapid depreciation. Unfortunately, the repercussions of the SYP’s devaluation are acutely felt by inhabitants in areas under government control. This decline coincides with a surge in the prices of essential goods and staple commodities, exacerbating the erosion of their purchasing power. Despite the government’s commitments to stabilize the exchange rate, the impact remains detached from reality.
Observer’s Note: At the time of publication, the Lira was trading at 15,500 against the greenback in Damascus.
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.