DISABLE_WP_CRON Central Bank Justifies Collapse of Syrian Pound: Affected by "Psychological Factors" - The Syrian Observer
Logo Wide

Central Bank Justifies Collapse of Syrian Pound: Affected by “Psychological Factors”

Officials from the CBS blamed online websites and the "cosmic conspiracy against Syria," for the collapse of the currency, according to Nedaa Post.
Central Bank Justifies Collapse of Syrian Pound: Affected by “Psychological Factors”

The Central Bank of the Syrian regime justified the recent major collapse of the Syrian pound, reaching new record highs against the rest of the foreign currencies.   

Fouad Ali, director of banking operations at the Central Bank, claimed that there were a series of internal and external reasons that affected the exchange rate, including the successive crises witnessed in the global and regional arenas over the past two years.   

Ali began by pointing out that the war that the country has been witnessing for ten years has affected the exchange rate. The regime has lost most of the main resources, such as tourism, which was supporting its treasury by about six billion dollars a year, as well as the loss of the oil and wheat sectors. 

Oil Minister: Promising Areas, Fruits Won’t be Picked Quickly

He also claimed that there were “psychological factors” influencing the value of the pound. These factors were caused by “the existence of websites linked to external operations rooms that regularly broadcast fake news about the exchange rate and promote prices higher or lower than the real price.”   

Ali accused the unnamed sites of “inciting and spreading rumours in a manipulation aimed at making profits for these sites and their operators, which in some respects are speculative networks”.   

He also blamed the “cosmic conspiracy” for the collapse of the pound, because of “operations rooms in neighbouring countries targeting the Syrian pound.” As a result, the regime is throwing the crisis button on the outside, as it has traditionally done to evade its responsibilities.   

It is worth mentioning that the Syrian pound has been witnessing for several weeks a significant deterioration in the exchange rate against the rest of the foreign currencies. The exchange rate of one US dollar exceeded the barrier of 5300 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.

Helpful keywords