Syria’s Central Bank raises price of SYP against foreign currencies
QAMISHLI, Syria (North Press) – On Sunday, the Central Bank of Syria announced that it has raised the exchange rate of the Syrian pound against foreign currencies in banks, in addition to raising the price of foreign remittances.
The Bank raised the exchange rate of the US dollar for banks from 4,522 SYP to 6,532, and set the euro at 7,081 after it was set at 4,902.
The Bank also adjusted the exchange rate for outgoing remittances and exchange, to be 7,250 SYP for each dollar and 7,860.45 for each euro.
The Central Bank usually modifies its official bulletin, but the gap between the price of the bank and that of the black market remains big by about 1.400 SYP.
As a result, people do not head to the government official bodies for their banking transactions.
Syria’s economy, which has been crushed by war, is increasingly dollarized, as people depend on the dollar to protect themselves against currency inflation.