Despite the nearly 50% devaluation, the new official exchange rate is still more than 40% higher than the parallel market rate of 6,500 pounds per dollar. blackmarket forex
The Syrian central bank said on Jan. 2 that it has adjusted the official exchange rate from 3,015 pounds for every dollar, to 4,522. Yet, despite the nearly 50% devaluation, the new official exchange rate is reportedly still more than 40% higher than the parallel market rate of 6,500 pounds per dollar, a Reuters report has said., the collapse of the Syrian pound, which traded at 47 to the U.S.
In addition to the ongoing civil war, Syria continues to reel from the effects of Western sanctions as well as the financial meltdown in neighboring Lebanon. The loss of oil-producing territories located in the country’s northeast has worsened the government’s financial situation.issued on Jan. 2, the Syrian central bank said it is prepared to take steps that would restore confidence in the local currency.
“The Central Bank of Syria continues to monitor the stability of the exchange rate in the local market, take all possible means and measures to restore balance to the Syrian pound, and follow up and deal with all illegal operations that undermine the stability of the exchange rate,” a statement on the central bank’s website said.
The bank also promised to intervene by taking steps that would help end speculative activities and the manipulation of foreign exchange markets.
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