Slight increase in the exchange rate of the Syrian pound against the dollar
The Syrian pound has seen a slight increase in value against the dollar in the unofficial market, while the central bank maintains a fixed exchange rate in official transactions.
On Thursday, the exchange rate of the Syrian pound against the US dollar experienced a slight increase in the unofficial market across Syrian cities, rising by 30 pounds to 11,600 pounds for buying and 11,660 pounds for selling. In contrast, the Central Bank of Syria continues to uphold a fixed exchange rate in banks and official transactions, maintaining the buying rate at 11,000 pounds and the selling rate at 11,110 pounds.
The recent fluctuations in the exchange rate highlight the disparity between the official rates set by the central bank and the unofficial market values, reflecting ongoing economic challenges and inflationary pressures. The Central Bank's efforts to stabilize the currency include replacing old notes with new ones, effectively removing two zeros from the old currency, which has been part of a broader strategy to address the economic crisis facing the nation.
As the Syrian economy grapples with a multitude of issues, including sanctions and the impact of ongoing conflict, these changes in currency value are crucial for consumers and businesses. The continued establishment of the new Syrian pound and its impact on daily transactions will be vital in determining economic stability moving forward.