Syrian Pound Sees Slight Increase Against Dollar Amid Escalating Economic Crises

Syrian Pound Sees Slight Increase Against Dollar Amid Escalating Economic Crises
December 14, 2024, 2:39 pm

الليرة السورية

Currency exchange workers in Damascus reported on Saturday that the Syrian pound has risen to levels ranging between 11,500 and 12,500 pounds against the U.S. dollar.

The Syrian currency has lost more than 99% of its value since the conflict began in the country, where it was valued at 47 pounds to the dollar before the outbreak of war. Last week, exchange rates in the parallel market recorded an average close to 14,500 pounds to the dollar, while the official rate was set at 12,500 pounds to the dollar.

Significant inflation and the collapse of the national currency have led to a sharp increase in the prices of goods and services, exacerbating the suffering of citizens.

The conflict in Syria has devastated the national economy, with the death toll exceeding 500,000 people and millions displaced since the conflict began in 2011. According to United Nations reports, over 90% of Syrians live below the poverty line, as the value of the pound has sharply declined.

The World Bank reports that more than a quarter of the population suffers from extreme poverty, following 13 years of devastating conflict that has resulted in successive economic crises, leaving many residents unable to meet their basic needs.

In another development, Russian news agencies reported that Syrian opposition factions led by Hay'at Tahrir al-Sham managed to overthrow Assad on Sunday after an eleven-day assault, forcing him to flee to Russia with his family.

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