AANES to pay salaries in Syrian pounds according to USD exchange rate
RAQQA, Syria (North Press) – The Autonomous Administration of North and East Syria (AANES) is about to set the salaries of its employees according to the exchange rate of the US dollar, a source from the AANES Finance Board said on Thursday.
Over the last two weeks, the Syrian currency has experienced a significant decrease in value, with the exchange rate of the US dollar rising from 9,000 to over 13,000 SYP, marking a historic collapse. Additionally, fuel prices have increased in the past week, causing a notable hike in the costs of food and services.
The source, who preferred not to be named, disclosed that the salaries will be paid in Syrian pounds but according to the USD exchange rate. The source further added that the minimum salary will be equivalent to $80.
The AANES’ salaries used to be equivalent to about $80, however, with sharp decline of the Syrian pound against the US dollar, the salaries’ value decreased to $40. Therefore, the AANES opted to fix the salaries according to the US exchange rate, which will be $80, according to the source.
On Wednesday, the AANES Executive Council held a meeting in the city of Raqqa to discuss the impact of the currency devaluation. The participants reportedly agreed to fix the salaries in US dollar, the source added.