The Syrian pound has been making headlines this week as it continues its upward trajectory against the US dollar, reaching new heights in local markets. In Damascus, the sale price of the dollar has dropped to approximately 9,000 pounds, marking a significant shift in the exchange rate dynamics. This advancement has had a ripple effect on the prices of various materials and commodities, wiht some experiencing increases of over 20%.
Syrian banks have played a pivotal role in this shift by injecting more lira into the markets. This move has encouraged merchants and factory owners to rely less on the dollar and instead turn to the parallel market to secure lira for their buisness operations and financial obligations. “Several economic factors have increased the supply of the US dollar,” while the Syria Central Bank has maintained a cautious stance, keeping the official exchange rate at 13,000 lira to buy against the dollar.
The new government has implemented measures to curb the depletion of foreign currencies.These include raising customs tariffs on imports, stimulating local production and investment, and supporting domestic products. Notably, the government has abolished the high commissions and expenses previously imposed by the former regime, which had stifled economic growth.
Local Currency Support
Efforts to reduce import fees by half and open markets to northern Syria have also contributed to the influx of goods and dollars at lower prices. This has relatively increased the availability of foreign currency in the markets,further bolstering the local currency. “Hope in developing economic relations between Syria and Gulf and regional countries, in addition to American exemptions and facilitating the transfer of funds, led to a breakthrough in the financial and commercial markets,” according to recent reports.
These developments have encouraged more countries to invest in Syria’s energy,industry,and agriculture sectors. the Arab nation’s economy,which has long suffered from the devastating impacts of war,displacement,and economic instability,is now seeing a glimmer of hope.
Key Developments in the Syrian Pound’s Recovery
| aspect | Details |
|—————————|—————————————————————————–|
| Exchange Rate | Dollar sale price in Damascus: ~9,000 lira |
| Central Bank Rate | Official rate: 13,000 lira to buy against the dollar |
| Market Impact | Commodity prices increased by over 20% |
| Government Measures | Reduced import fees, stimulated local production, abolished high commissions |
| Economic Relations | Improved ties with Gulf and regional countries, American exemptions |
The Syrian pound’s recovery is a testament to the resilience of the nation’s economy amidst years of turmoil. As the government continues to implement strategic measures and foster international partnerships,the future of Syria’s financial stability looks increasingly promising. For more updates on the exchange rate and economic developments, stay tuned to reliable sources.
