Syrian pound plunges past SYP 14,000 in Hasakah
QAMISHLI, Syria (North Press) – The Syrian pound recorded on Monday a sharp decline against foreign currencies in Hasakah Governorate, with the US dollar surpassing the SYP 14,000 mark amid growing demand for foreign currency ahead of the deadline to exchange old Syrian banknotes.
Abdulsalam Muhammad, a currency exchange dealer in the city of Hasakah, told North Press that the exchange rate reached SYP 14,200 per US dollar on Monday, adding that the rate could continue to rise as demand for the US currency remains high.
He said that less than a week ago, the dollar had been trading at around SYP13,000, noting that the latest surge is directly linked to the approaching deadline set for replacing old Syrian banknotes with newly issued ones.
Muhammad explained that local markets are witnessing strong demand for US dollars from Syrians seeking to dispose of old banknotes before the exchange period expires. He attributed the trend to a shortage of newly issued currency in Hasakah governorate, the limited number of exchange centers, and the short time remaining to complete the replacement process.
He added that the sharp increase in the exchange rate is more pronounced in Hasakah than in other parts of Syria. According to his contacts with exchange dealers in other governorates, including the capital Damascus, the US dollar has not exceeded SYP 13,500 elsewhere.