Syrian Pound continues to drop against US dollar
HASAKAH, Syria (North Press) – The value of the Syrian pound has unprecedentedly dropped against foreign currencies in the past few days, as the exchange rate for one US dollar has reached over 8,200 Syrian Pounds (SYP).
This drop significantly impacted the prices of food, merchandises, fuel, and subscription of generators.
Walid Ahmo, the owner of a currency exchange office in Hasakah, told North Press on Monday that the drop in the value of the Syrian pound against foreign currencies “will continue amid inaction from the Central Bank.”
The exchange rate reached 8,250 SYP and has initially stabilized at 8,200 SYP against one US dollar.
He noted that rumors continue to be spread “by some traders” that the exchange rate will reach 10,000 SYP as harvest season nears.
On Monday, the exchange rate for one USD reached 8,170 SYP, and for one Euro reached 8,991 in Hasakah. While the value of the USD was 8,200 SYP in Damascus, 8,250 SYP in Aleppo, and 8,160 SYP in Idlib, according to the Syrian Pound Today website.
Ahmo noted that people’s suffering increases as prices rise amid the collapse of the Syrian Pound, reducing purchasing power and causing a stalemate state in the market.
“The biggest loser is the population, especially government employees and people with low income,” he added.
Ahmo hopes his predictions will be wrong and “the exchange rate does not reach 9,000 SYP, especially that the Syrian Pound is dropping daily by 50-150 pounds against the USD.”