Syrian pound falls apart against US dollar
QAMISHLI, Syria (North Press) – During Sunday’s trading, the exchange rate of the US dollar against the Syrian pound significantly increased by more than 200 Syrian Pounds (SYP) on the black market over the previous 24 hours.
According to Syrian Pound Today website, the exchange rate in northeastern Syria recorded 6.150 SYP to one US dollar, after it was 5.950 SYP on Saturday.
In Damascus, the dollar increased by more than 100 SYP settling at 6.100 SYP after it was 5.970 SYP on Saturday.
On Friday, some media outlets reported that the Central Bank of Syria “had become insolvent and will be unable to pay salaries in three months.”
In response, the Central Bank stated on Saturday, that liquidity is “available and sufficient for years, not just months, in addition to the existence of sufficient foreign exchange stocks.”
In addition, gold prices have raised, where a gram of 21-karat gold reached 316.000 SYP in northeast Syria (the area held by the Autonomous Administration of North and East Syria – AANES).
According to the Syrian Pound Today, a gram of 21-karat gold cost 311.000 SYP in Damascus after it was 304.000 SYP on Saturday.