Syria’s Central Bank Raises Exchange Rate to 6.650 SYP to USD

DAMASCUS, Syria (North Press) – On Thursday, Syria’s Central Bank raised the US dollar exchange rate against the Syrian pound by nearly 50%, from 4.522 SYP to 6.650, edging closer to the black market rate.

The resolution 144 allows banks and exchange companies to receive the values of remittances and to disburse cash amounts according to an exchange rate close to the trading price.

The change thus has important advantages in addition to adjusting the price of remittances and exchange.  

The bank defined these features as facilitating direct exchange operations with banks, and raising the exchange rate for remittances through global transfer networks, such as Western Union.

The unofficial exchange rate platforms determine the price of the dollar at a higher rate than that set by the Central Bank, standing at 6.725 SYP according to the Syria Stokes platform, and at 6.800 SYP according to the Lira Today platform, which is the most relied-upon by merchants and industrialists.

The Syrian Central Bank also raised the prices of remittances from 4.522 SYP to 6.650 SYP, according to today’s bulletin.

Syria’s economy, which has been crushed by war, is increasingly dollarized, as people depend on the dollar to protect themselves against currency inflation.

On Wednesday, the Syrian Minister of Economy, Samer al-Khalil, talked about the measures taken by the government recently regarding the exchange rates, saying that these measures aimed to limit the rise in the exchange rate and prices, and facilitate exports and imports.

Al-Khalil indicated that the government allowed banks to buy foreign currencies from individuals at the current price. He also referred to the Central Bank’s recent decisions, including raising the daily withdrawal limits from banks to 15 million SYP, and setting the amount allowed to be transferred between governorates to 15 million SYP.

Reporting by Layla al-Gharib