2023-07-23 14:27:07
The Syrian pound continued to collapse in the foreign exchange market on the black market, setting a new record once morest the US dollar, approaching 13 thousand pounds for every one dollar.
The bulletin issued by the Lira website, on Sunday, showed a rise in the exchange rate of the dollar once morest the lira, approaching 2 percent, with the opening of the lira trading market once morest foreign currencies in the capital, Damascus, as well as in the city of Aleppo.
The selling price of the dollar in Damascus was 12,700 pounds, and the purchase price was 12,500, while the selling price in Aleppo approached 13,000, reaching 12,900, and the purchase price was 12,700 pounds.
Thus, the lira has lost, in nearly one month since the beginning of the collapse following Eid al-Adha, regarding 4 thousand and 400 of its value, as its price was 8 thousand and 500 pounds with the opening of the foreign exchange market immediately following the holiday.
Last week was the toughest week for the lira since the start of the collapse in its value following the outbreak of the Syrian revolution in 2011, as the lira lost regarding 2,700 lira.
For its part, the Central Bank stopped updating the “Remittances and Exchange” bulletin since Wednesday, to stop at 9 thousand and 900 pounds for every one dollar coming through personal transfers in dollars from outside Syria.
And on Tuesday, the Syrian Central Bank reduced the value of the pound in the bulletin by 400 pounds at once, from 9 thousand and 500 to 9 thousand and 900. The Central Bank had taken 6 similar reductions within two weeks, from 8 thousand and 200 to 9 thousand and 500 pounds for every dollar.
Syrian economic analysts expect the Syrian pound to continue its downward path once morest the dollar as a result of the Syrian Central Bank’s non-interference in the exchange market to curb the collapse.
The collapse was accompanied by a fiery rise in the prices of food and consumer goods, as merchants and industrialists priced the materials at the prevailing lira rate on the black market.
The salary of a first-class government employee is now equal to only $9 per month, which is sufficient for one family only for one day, while the Syrian family needs, on average, $250 per month.
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