Monday, May 20, 2024

A new decline in the exchange rate of the Syrian pound

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On the parallel market, the Syrian currency fell to its lowest level on Wednesday, trading above 11,000 pounds to the dollar, according to online apps used to track the value.

On Tuesday, the central bank cut the official rate for withdrawal of foreign currency transactions to 9,900 pounds to the dollar.

The price on the parallel market was around 6,500 and this represented a big decline compared to the start of the year when the exchange rate was 4,522 pounds to the dollar.

Before March 2011 the lira was 47 against the dollar.

Economic analyst Nisreen Zureik told Reuters the currency devaluation was triggered by the onset of hyperinflation, a term that refers to a combination of rising inflation and economic stagnation.

The World Bank expects a 3.2% contraction in Syrian economic output by 2023, due to continued conflict, high grain and energy prices and shortages, in addition to water shortages limiting crop production.

But it revised those forecasts by another 2.3 percentage points after the February earthquakes, forecasting a contraction of 5.5% for the year.

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Rolf Colon
Rolf Colon
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