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IPFS News Link • Syria

Syria's War-Battered Currency Hits All-Time Low Amid Broader Mideast Banking Crisis

• by Al-Masdar News

Earlier this week it hit an all-time exchange low of 950 SYP for every $1 (in the years leading up to the start of war in 2011, it stood steady at about 50 SYP for $1). 

According to Al-Watan, the Syrian Pound improved by more than 15 percent on Wednesday, reaching 850 SYP for every $1 (USD).

Local markets yesterday witnessed a severe recession, so that a large number of economic and commercial activities and shops closed until the direction of the exchange rate was clear.

Panicky Syrians rushed to buy dollars on Monday, causing the Syrian pound's value to plunge to record lows, two dealers and a banker said.

The pound, worth 47 to the dollar just before Syria's civil war broke out nearly nine years ago, plunged to 950 pounds to the dollar, weakening it by another 25% in the past few days. It fluctuated around 765 pounds to the dollar last week.

The pound's fall has accelerated since mid-October, when Lebanon's economic crisis worsened amid a wave of anti-government protests. — Reuters

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