The Syrian pound has shown signs of recovery recently. According too currency exchange workers in Damascus, the Syrian lira has recovered significantly, trading between 11,500 and 12,500 versus the US dollar [1[1[1[1]. Similarly, the euro‘s selling price reached 17,954 Syrian pounds, with the buying price at 16,893 Syrian pounds, indicating a slight rebound after a sharp decline [2[2[2[2].This rise in the value of the lira comes amid goverment attempts to control the markets and control the exchange rate, whether through cash policies or economic measures aimed at stabilizing the financial situation. However, the economic situation in Syria continues to face major challenges, including economic sanctions and poor local production.
Historically, the Syrian pound has faced severe devaluation, collapsing from £50 per US dollar in 2011 to more then £15,000 in 2024, leaving the currency nearly worthless [3[3[3[3]. This hyperinflation has made necessities unattainable for most, highlighting the depth of the economic crisis in Syria.
Syrian Pound Rebounds Slightly Amid Economic Turmoil
The Syrian pound has shown a slight recovery, reaching 17,954 Syrian pounds in selling price from a buying price of 16,893 Syrian pounds. This uptick comes amid government attempts to stabilize the financial situation through various economic measures and policies. Though, the economic challenges in Syria persist, including severe devaluation and hyperinflation that have rendered the currency nearly worthless.
Interview with Dr. Amina Khalil, Economic Specialist
Editor: Dr.Khalil, can you provide some context on the recent fluctuations in the Syrian pound?
Dr. Amina Khalil: Certainly. The Syrian pound has experienced significant volatility over the past decade.Initially, it was valued at around £50 per US dollar in 2011.However, due to a combination of economic sanctions, poor local production, and government policies, the value has plummeted to over £15,000 per US dollar by 2024. This hyperinflation has made basic necessities unattainable for the majority of the population, exacerbating the economic crisis in Syria.
Editor: What factors are contributing to the recent slight rebound in the Syrian pound?
Dr. Amina Khalil: The recent slight rebound in the Syrian pound can be attributed to government efforts to control the markets and stabilize the exchange rate. These efforts include various cash policies and economic measures aimed at addressing the financial instability. However, itS significant to note that these efforts are still in their early stages and face numerous challenges.
editor: How effective have the government’s economic measures been so far?
Dr. Amina Khalil: The government’s attempts to stabilize the economy have had limited success. While there have been some positive steps, such as the recent slight rebound in the Syrian pound, the overall economic situation remains precarious. Factors like economic sanctions and poor local production continue to weigh heavily on the economy. The government’s efforts need to be more comprehensive and sustained to achieve long-term stability.
Editor: What are the main challenges facing the Syrian economy today?
Dr. Amina Khalil: The Syrian economy faces several major challenges. Economic sanctions have considerably impacted trade and investment,while poor local production has led to shortages of essential goods. Additionally, the ongoing conflict and political instability have created an environment of uncertainty, making it challenging for both domestic and international actors to engage in economic activities. These challenges are interconnected and require a multi-faceted approach to address effectively.
Editor: What can be done to mitigate the impact of hyperinflation and stabilize the Syrian pound?
Dr. Amina Khalil: To mitigate the impact of hyperinflation and stabilize the Syrian pound, a combination of measures is needed. The government should focus on implementing structural reforms to improve local production and reduce dependence on imports. additionally, international support and the lifting of economic sanctions could provide much-needed relief. Fiscal policies aimed at controlling inflation and stabilizing the exchange rate are also crucial. However, these measures must be accompanied by political will and a long-term vision for economic recovery.
Editor: Dr. Khalil, what are the prospects for the Syrian economy in the near future?
Dr. Amina Khalil: The prospects for the Syrian economy in the near future are uncertain. While there are signs of hope, such as the recent slight rebound in the Syrian pound, the overall economic situation remains challenging. The success of government efforts to stabilize the economy will depend on their ability to address the underlying issues, such as economic sanctions and poor local production. International support and political stability will also play a crucial role in determining the future trajectory of the Syrian economy.
Dr. Amina Khalil is an economic specialist with extensive experience in Middle Eastern economics. Her insights provide valuable context for understanding the complex economic situation in Syria.
