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Dollar Rates Soar as Central Bank Fails to Save Syrian Pound

CBS surprises observers by raising the dollar value seven pounds Thursday
Dollar Rates Soar as Central Bank Fails to Save Syrian Pound

Pro-regime news sites have spoken of informal consultations in the corridors of the Syrian Central Bank over the past two days between businessmen, traders and industrialists to identify new intervention methods capable of strengthening the value of the Syrian pound.

Despite the news, the black market only responded for a few hours, as the dollar dropped below 340 pounds, beginning its slow rise again to reach 342 pounds, providing the Central Bank with a chance to apply its new recovery measures. Surprisingly, the bank decided to raise the exchange rate another seven pounds, further strengthening the dollar.

The Central Bank’s rate hike to 329 pounds forced the exchange rate to rise to 350 pounds on the black market. Thursday, the Bank reported the dollar rates at: 329 pounds for individual money transfers, 323.56 pounds as an average rate for other banks, and 323.61 pounds for exchange companies.

This article was translated and edited by The Syrian Observer. Responsibility for the information and views set out in this article lies entirely with the author.

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