Monday, December 4, 2023

The Syrian lira falls to a record 10,000 units for a dollar on the black market

The syrian lira This Tuesday, it reached a new downward record on the black market, where it is already exchanged at 10,000 units for one dollar, in the midst of the serious economic crisis that the country is suffering after almost twelve years of armed conflict and high inflation.

An American ticket buys this morning in Damascus 10,000 syrian liraalthough the sale price of the local currency is still a little below that barrier, at 9,900 units for one dollar, according to the reference website “Syrian Pound Today”.

At the same time, in his bulletin today, the central bank The Arab country set the exchange rate for remittance withdrawals and cash exchange transactions at 9,000 liras per US bill, while for banks it set its price at 6,532 units for a dollar.

The issuing entity applied sharp depreciations to the value of the lira at the beginning of this year and closed the gap between the official exchange rate and the street rate, which since then have remained relatively close.

Syria, plunged into a protracted war and subject to a large number of international sanctions, is suffering a serious economic crisis intensified by the effects of the coronavirus pandemic and its ally Russia’s war against Ukraine, among other concatenated blows inflicted on its markets in the last years.

According to UN data, at least 90% of the country’s population lives below the poverty line, while skyrocketing inflation has skyrocketed further as a result of the devastating earthquakes that hit the northwest and west of the country on last february.


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