The Syrian pound continued its decline against the dollar, and lost about 30% of its value in about two months, amid the silence of regime officials regarding what is happening.
One dollar broke the barrier of 10 thousand pounds on the 11th of this July, bringing the exchange rate of the pound at the end of the day, Friday, to 12,100 Syrian pounds, at the lowest level of the pound historically, according to the website of the pound today.
The collapse of the lira began with breaking the barrier of 9 thousand on the 11th of last May, and the collapse was accompanied by a significant increase in the prices of materials in the markets, without interference from the government of the regime.
At the same time, the price of gold jumped to its highest level against the pound, and the price of a gram of 21 carat gold was 595 thousand pounds.
On the official level, the Central Bank of Syria kept pace with the price of the lira’s decline, and raised its official rate several times, finally reaching 9,900 against the dollar.
On Thursday, Al-Watan newspaper, which is close to the regime, quoted merchants as saying that all the materials they rent for their stores and warehouses increased by 40%, due to the high exchange rate of the dollar.
As a result of the collapse of the lira, the value of government employees’ salaries decreased to less than $15 per month.
The Syrian economic researcher, Nadim Abdel-Jabbar, believes in an interview with Al-Araby Al-Jadeed that the lira is on the verge of further decline in the coming days, after breaking the barrier of 10,000, attributing the reason to several factors, most notably the scarcity of foreign exchange for the Syrian bank to intervene in the markets, the impact of Western sanctions, and the decline in support by the allies of the Syrian regime.
Abdul-Jabbar added that the decline in domestic production, the regime’s dependence on imports instead of supporting local industry and agriculture, and the absence of investments exacerbated the crisis significantly, and the decrease in international aid will also affect the markets.
At the end of his speech, the economist accused the Central Bank of abandoning its responsibilities, contributing to an increase and accelerating the decline in the price of the lira, through daily pricing, and catching up with the black market price.
The areas of the Syrian regime are experiencing a severe economic crisis, which is represented by a shortage of oil derivatives, a rise in poverty rates to 90%, a halt to production and industry, and the inability to provide electricity for only a few hours a day.
2023-07-21 22:19:02
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