Syrian pound records worst decline in history

Unprecedentedly, the Syrian pound continues its decline and reached historic levels, where on Sunday the exchange rate of the dollar exceeded 675 Syrian pounds, marking the lowest level since the outbreak of the crisis in the country.

The exchange rate of the Syrian pound fell sharply, on Sunday, against the US dollar and reached its lowest level in history, according to economic sites.

According to economic sites, the Syrian pound recorded against the dollar in the markets of Damascus and Aleppo (675 sale - 672 purchase).

Besides, the price of gold rose again in Syria by (1,100 SP), and recorded (caliber 21 – 28,500 SP) and (caliber 18 – 24,428 SP) after it was yesterday (caliber 21 - 27400 SP) and (caliber 18 Syrian Pound).

According to the economic bulletin of the site "Syria Report", the Syrian pound "fell to the lowest rate in its history," pointing out that the "sharp decline" because the dollar exchange rate was 500 pounds, late 2018.

Economists told Syria's Al-Watan website that the reasons for the country's currency are unclear.

The economic bulletin also pointed out, according to the agency "Agence France Presse" to the deficit of the balance of payments in Syria, and the balance of trade in poor condition "because the capacity of domestic production is very destructive and imports are needed to meet domestic demand."

Observers attributed the decline of the Syrian pound to several reasons, including economic sanctions imposed by the European Union and the United States of America on the Syrian regime.

Syria Report, in turn, attributed this to several other factors, mainly pointing to the impact of high demand for the dollar in Lebanon, which is adjacent to Beirut as a major market for the dollar for Syrian importers, who use the Lebanese banking system to conduct their business operations.

J.O


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