Syrian central bank devalues currency
2023.01.02 15:14
Syrian central bank devalues currency
Budrigannews.com – According to a statement issued by the central bank on Monday, Syria’s official exchange rate has decreased to 4,522 Syrian pounds per dollar, while the majority of economic activity relies on black market rates that hover around 6,500.
The previous official rate was 3,015.
Years of conflict, Western sanctions, a currency squeeze partly caused by a financial meltdown in neighboring Lebanon, and the government’s loss of its oil-producing territories in the northeast have all contributed to the country’s current economic crisis.
The subsequent breakdown of the pound has driven up the cost of merchandise and bothered difficulty as Syrians battle to purchase food, power and other fundamental things.
The government has been forced to further ration electricity and even close public buildings on weekdays as a result of a particularly low supply of fuel.
Before the March 2011 uprising against President Bashar al-Assad began, the pound was trading at 47 to the dollar.
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