The Syrian pound has shown slight improvement against foreign currencies after experiencing unprecedented declines during 11 days of military operations across Syria. The currency’s volatility has underscored its fragility amidst ongoing political and economic instability.
On Monday, December 9, the selling price of the US dollar stood at 17,000 Syrian pounds, while the buying price was 16,000 Syrian pounds. This marks a partial recovery after the pound had been relatively stable at around 15,000 pounds before the onset of battles on November 27. In recent days, the exchange rate soared to nearly 25,000 Syrian pounds in Aleppo. Similarly, the euro’s selling price reached 17,954 Syrian pounds, with the buying price at 16,893 Syrian pounds, according to Lira Today, a platform monitoring currency and gold prices in Syria.
The pound’s sharp decline followed months of relative stability at around 14,700 pounds to the dollar. A report by Jusoor for Studies highlighted the Syrian currency’s lack of resilience, noting its inability to withstand even minor economic or political shocks. The report explained that fluctuations in the pound’s value often occur in pronounced waves of depreciation, making future trends difficult to predict.
Economic researcher Khaled Turkawi attributed the recent exchange rate disparity between Damascus and Aleppo to heightened demand for the US dollar and the Turkish lira, coupled with an oversupply of Syrian pounds. This imbalance in an unregulated market, he noted, naturally leads to sharp declines in the pound’s value.
In an interview with Enab Baladi, Turkawi emphasized that the Syrian pound’s depreciation is not a transient issue. He pointed out that the cessation of military operations played a key role in halting further collapse but warned that the underlying vulnerabilities of the currency remain unresolved.
As the Syrian pound attempts to stabilize, its ongoing volatility reflects broader challenges facing the country’s economy, with its recovery dependent on both internal stability and external economic conditions.
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.
