Syrian Pound Shows Unexpected stability Against the Dollar
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Despite ongoing economic turmoil, the Syrian pound demonstrated surprising resilience against the US dollar on December 21, 2024. While the official exchange rate set by the Central Bank of Syria remains at 15,000 Syrian pounds (SYP) to 1 US dollar (USD) for bank and exchange company transactions, the unofficial market saw a relatively stable rate.
in Damascus, the unofficial exchange rate hovered around 14,450 SYP for buying USD and 14,750 SYP for selling, according to market reports. This represents a degree of stability compared to previous fluctuations.
Exchange Rates on December 21, 2024
- 1 USD: Approximately 14,450 SYP
- 5 USD: approximately 72,250 SYP
- 10 USD: Approximately 144,500 SYP
- 25 USD: Approximately 361,250 SYP
- 50 USD: Approximately 722,500 SYP
- 100 USD: Approximately 1,445,000 SYP
- 500 USD: Approximately 7,225,000 SYP
- 1,000 USD: Approximately 14,450,000 SYP
- 5,000 USD: Approximately 72,250,000 SYP
- 10,000 USD: Approximately 144,500,000 SYP
While the relatively stable exchange rate offers a glimmer of hope, notable economic challenges persist. Reuters reports estimate the Central Bank’s gold reserves at 26 tons, with foreign exchange reserves totaling only $200 million. This limited reserve underscores the fragility of the Syrian economy and the ongoing need for economic reform.
“Despite the advancement in the exchange rate of the Syrian pound against the US dollar, economic challenges remain,” a source familiar with the situation noted. The low foreign exchange reserves highlight the precarious nature of the situation and the ongoing need for substantial economic recovery efforts.
The situation in Syria continues to be a complex one, with the exchange rate serving as just one indicator of the broader economic struggles facing the nation. The long-term implications of this recent stability remain to be seen.
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Syrian Pound Shows Unexpected Strength Against the Dollar
Despite ongoing economic hardship, the syrian pound (SYP) showed surprising resilience against the US dollar (USD) on December 21, 2024. While the official exchange rate set by the central Bank of Syria remains fixed at 15,000 SYP per USD,unofficial market rates displayed a notable degree of stability,offering a glimmer of hope amidst a challenging economic landscape.
A conversation with Dr. Lena Al-Amin on the syrian Pound’s Unexpected Stability
Dr. Lena Al-Amin, a leading economist with extensive experience analyzing the Syrian economy, joins us today to shed light on this recent advancement.
Senior Editor: Dr. Al-Amin, thank you for joining us. The Syrian pound’s performance against the US dollar has been a focal point recently. Can you help us understand the importance of this recent stability?
Dr. Al-Amin: Certainly. While the official exchange rate remains at 15,000 SYP per USD, the unofficial market rate in Damascus, as an example, hovered around 14,450 SYP for buying USD and 14,750 SYP for selling on December 21st. This relative stability against previous fluctuations is a noteworthy development.
Senior Editor: What factors might be contributing to this surprising stability?
Dr. Al-Amin: This is a complex question with no singular answer. Several factors could be at play, including potential government interventions in the foreign exchange market, changes in remittance flows, or perhaps a temporary decrease in demand for USD. It’s crucial to remember that the Syrian economy remains incredibly fragile, and the situation can shift quickly.
Senior Editor: The Central Bank of Syria’s foreign exchange reserves are reported to be limited.How does this impact the long-term outlook for the Syrian pound?
Dr. Al-Amin: Limited foreign exchange reserves are a serious concern. It underscores the vulnerability of the Syrian economy to external shocks and limits the Central Bank’s ability to intervene effectively in the foreign exchange market.
Senior Editor: What are the implications of this stability for ordinary Syrians?
Dr.Al-Amin: For Syrians, even modest exchange rate stability can provide some relief from the inflationary pressures they face daily. However, it’s vital to remember that the underlying economic problems remain. addressing those issues will require long-term, structural reforms.
Senior Editor: Thank you, Dr. Al-Amin, for sharing your insights on this complex situation.
Dr. Al-Amin: My pleasure. It’s important to keep a close eye on these developments and understand their broader implications for the Syrian economy.
