{"id":55380,"date":"2021-03-03T15:33:15","date_gmt":"2021-03-03T15:33:15","guid":{"rendered":"https:\/\/npasyria.com\/en\/?p=55380"},"modified":"2021-03-03T15:33:15","modified_gmt":"2021-03-03T15:33:15","slug":"currency-collapse-paralyzes-trading-in-syrias-damascus","status":"publish","type":"post","link":"https:\/\/npasyria.com\/en\/55380\/","title":{"rendered":"Currency collapse paralyzes trading in Syria&#8217;s Damascus"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>DAMASCUS, Syria (North Press) \u2013 <\/strong>The increasing prices of goods and foodstuffs in the light of Syrian pound&#8217;s collapse against the American dollar has caused a major decline in trading in the markets of Damascus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On Wednesday, the exchange rate reached 4,000 Syrian pounds (SYP) for each American dollar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Residents of Damascus say that the Syrian pound\u2019s collapse mainly affects the prices of basic goods and foodstuffs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Purchasing movement has been almost paralyzed due to the Syrian currency&#8217;s collapse against the American dollar, Abdulkhalek Hani (a pseudonym), a shopkeeper in al-Mouhajrin in Damascus, told North Press.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Prices of most of the basics are increasing; for example, one liter of oil is sold for 8,000 SYP and each kilo of sugar for 2,500 SYP, while one kilo of rice is sold for about 3,000 SYP,&#8221; he added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These prices are unreasonable in comparison to the salary (60,000 SYP) of the government employee, and cannot cover the price of food for two days, according to him.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Traders in Damascus say that exchange rate fluctuations caused them massive losses and they hold the Syrian government responsible for their losses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We sell goods with a profit margin, and when we buy the same goods we are surprised at the price that exceeds the sales price,&#8221; Foodstuff merchant Hassan al-Assi (a pseudonym) told North Press.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Central Bank did not issue any declaration regarding the increasing exchange rate, keeping its rate at 1,256 SYP for each dollar, according to <em>Lira al-Youm<\/em> (The Pound Today) website.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Trading movement is almost paralyzed, and I will not open my shop until prices stabilize,&#8221; Mo&#8217;yia al-Khalidi (a pseudonym), a shop owner in al-Hijaz, told North Press.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On Wednesday, shop owners in Damascus closed their shops following the sharp deterioration in the Syrian pound against the US dollar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Closure included shops in most neighborhoods of Damascus, especially in Jaramana, Doweil\u2019a, Baramkah and Sahnaya.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Al-Khalidi pointed out that &#8220;people are no longer able to buy their basic needs, whose prices exceed the citizens&#8217; purchasing power.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Reporting by Wahid al-Attar<\/strong><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday, the exchange rate reached 4,000 Syrian pounds (SYP) for each American dollar, paralyzing trade in #Syria\u2019s #Damascus.<\/p>\n","protected":false},"author":5,"featured_media":55381,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pgc_sgb_lightbox_settings":"","footnotes":""},"categories":[4,39,2],"tags":[],"class_list":["post-55380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-home","category-syria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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