Syria’s Central Bank raises dollar exchange rate
DAMASCUS, Syria (North Press) – On Wednesday, the Central Bank of Syria raised the exchange rate of the US dollar against the Syrian pound, in its official bulletin.
One dollar reached 2,814 Syrian pounds (SYP) at an average rate instead of 2,512.
The bank also raised the euro exchange rate and set it at 3,051 SYP, instead of 2,730 SYP.
In late 2021, the official dollar exchange rate was set at a minimum of 1,250 SYP, and 1,262 SYP at the highest after the bank issued the decision in June 2020.
The bulletin takes effect from today until further notice, according to the Central Bank. No further details were mentioned concerning the reason behind increasing the official price.
On Wednesday, one USD reached 3,915 SYP in the black market, according to special currency exchange websites.
The Syrian pound depreciated severely and lost more than 90% of its value. In 2011, one USD was equivalent to 50 SYP.
Syria’s economy, which has been crushed by war, is increasingly dollarised as people depend on dollar to protect themselves against currency inflation.