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In a rapid free fall, the lira recorded 3000 against the dollar, which is a safe haven. The Syrian pound had previously broken an important psychological barrier at 2,000 against the dollar on Thursday.
Traders said that the most severe US sanctions expected later this month shook investors and businessmen, as they feared it would exacerbate the country’s economic woes, which had been exacerbated by Western sanctions and the devastating conflict over the years.
And traders said, according to “Reuters”, that people rushed to raise dollars to protect their savings, while many businessmen stopped commercial transactions pending the end of severe price fluctuations.
Many investors are concerned that the additional sanctions, known as the “Caesar Act to Protect Civilians”, will penalize foreign companies that deal with government-linked Syrian companies.
Investors fear that tighter penalties for entities and individuals dealing with Syria will reduce the possibility of capital flowing from abroad, which is crucial for post-war reconstruction.
The lira was trading at 47 against the dollar before the protests erupted in March 2011.
The currency collapse has led to high inflation and exacerbated the hardships, as Syrians struggle to get food, electricity and other basic services.
For the second day, dozens of protesters protested, on Monday, the low standards of living following the collapse of the lira.
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In a rapid free fall, the lira recorded 3000 against the dollar, which is a safe haven. The Syrian pound had previously broken an important psychological barrier at 2,000 against the dollar on Thursday.
Traders said that the most severe US sanctions expected later this month shook investors and businessmen, as they feared it would exacerbate the country’s economic woes, which had been exacerbated by Western sanctions and the devastating conflict over the years.
And traders said, according to “Reuters”, that people rushed to raise dollars to protect their savings, while many businessmen stopped commercial transactions pending the end of severe price fluctuations.
Many investors are concerned that the additional sanctions, known as the “Caesar Act to Protect Civilians”, will penalize foreign companies that deal with government-linked Syrian companies.
Investors fear that tighter penalties for entities and individuals dealing with Syria will reduce the possibility of capital flowing from abroad, which is crucial for post-war reconstruction.
The lira was trading at 47 against the dollar before the protests erupted in March 2011.
The currency collapse has led to high inflation and exacerbated the hardships, as Syrians struggle to get food, electricity and other basic services.
For the second day, dozens of protesters protested, on Monday, the low standards of living following the collapse of the lira.
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