Value of Syrian pound rises by more than 20 percent in 2 days
Date
12/15/2024 3:43:56 AM
(MENAFN) The value of the Syrian pound has risen by at least 20 percent against the dollar over the past two days, as many Syrians returned from Lebanon and Jordan, and following the easing of strict controls on foreign currency trading after the fall of Bashar al-Assad’s government. This shift has led to a noticeable improvement in exchange rates across the country.
In the Syrian capital, Damascus, money exchange workers reported that the exchange rates ranged between 10,000 and 12,500 Syrian pounds to the dollar on Saturday. This represents a significant improvement, with the currency gaining between 20 percent and 50 percent in value compared to the previous rate of 15,000 pounds per dollar, amid continued fluctuations in the market.
Traders and analysts attribute the Syrian pound's rise to the return of thousands of displaced Syrians who had sought refuge in neighboring countries during the 13-year civil war. The influx of returning citizens is seen as a sign of hope for the economy, although the situation remains unstable and highly unpredictable.
Despite this recent improvement in the exchange rate, the country's economy remains in dire straits. According to UN agencies, more than 90 percent of Syrians live below the poverty line, and key sectors such as oil, manufacturing, and tourism continue to suffer due to years of conflict. Meanwhile, a large portion of the population is employed in the struggling public sector, where the average monthly wage is around 300,000 Syrian pounds.
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