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

Syrian Pound Sees Slight Increase Against Dollar Amid Escalating Economic Crises

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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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”