Syrian pound strengthens 20% amid return of refugees, currency policy changes
Date
12/15/2024 4:20:07 AM
(MENAFN) The Syrian pound has reinforced against the US dollar by at minimum 20 percent in the previous two days among the arrival of Syrians from neighboring Lebanon and Jordan and a finale to severe controls on trade in foreign currencies following the end of the al-Assad regime.
Damascus currency traders quoted exchange charges among 12,500 and 10,0000 on Saturday, a wide-ranging spread of among 20 percent and 50 percent better than the last rate of 15,000, with a lot of market volatility.
The traders quoted the returning of thousands of Syrians who had asked for refuge abroad over the nations’ 13 years’ conflict and the open usage of US dollars and Turkish currency in markets as having assisted the change.
Using foreign currencies for daily trade could earlier land Syrians in jail, and many were scared of even saying the word “dollar” in public. No less than 90 percent of Syrians live below the poverty line, in accordance with UN agencies.
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