Syria’S Economic Reset: Gold Reserves Intact Despite Currency Overhaul
Date
12/17/2024 3:26:21 PM
(MENAFN- The Rio Times) Syria's central bank made a bold move by setting a new exchange rate of 12,500 pounds per dollar. This shift comes as the first major economic decision since the rebels took control of Damascus on December 8th.
The country's financial landscape shows surprising resilience. While the currency adjusts, Syria's Gold reserves remain untouched through 13 years of conflict.
This stability offers a rare bright spot in an otherwise challenging economic picture. Money changers now freely trade dollars and Turkish currency in local markets.
This marks a dramatic shift from previous policies where even mentioning "dollar " could lead to arrest. The new openness reflects a practical approach to currency management.
The real story lies in the numbers. Public sector workers earn about 300,000 Syrian pounds monthly, now worth $24 at the new rate. This wage level highlights the deep economic challenges facing the new government.
Syria's economic troubles stem from multiple factors. Western sanctions, lost oil territories, and regional financial instability have all played their part.
The manufacturing sector, tourism, and oil industry struggle to function under these pressures. The new government faces immediate challenges.
With 90% of Syrians living below the poverty line, the currency adjustment represents just one step toward economic stability. Their promise to raise wages and improve services will test the limits of Syria 's resources.
This currency shift matters because it signals Syria's first step toward economic reality. The preservation of gold reserves through years of conflict suggests potential for recovery, despite the current challenges.
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