Historical collapse of Syrian pound, one dollar equals 4,000
HASAKAH, Syria (North Press) – On Tuesday, the exchange rate of the Syrian Pound witnessed a historical collapse in its value against the US dollar, as one dollar reached 4,000 Syrian pounds (SYP), according to the Syrian Pound Today website.
This collapse comes as the advent of the tenth anniversary of the start of the war in Syria.
Economists predicted a collapse in the pound value after the government has recently introduced the 5,000 SYP category.
“The Syrian government wants to buy the US dollar from the markets through this non-internationally recognized currency to raise its hard currency balance”, Ibrahim Haftaro, owner of money-exchange store in the city of Qamishli, had previously told North Press.
This collapse is expected to worsen the living crisis in Syria, especially in the government-held areas.
The Central Bank of Syria maintained a fixed exchange rate of 1,256 SYP for one dollar, according to Syrian Pound Today website.