Syrians Breathe Sigh of Relief with Foreign Currency Trading Liberation

Syrians Breathe Sigh of Relief with Foreign Currency Trading Liberation
Economic Indicators Suggest Assad Regime's Fall May Be Turning Point in Exhausted Syrian Economy's Recovery After Years of Deterioration
December 15, 2024, 5:06 pm

الليرة السورية \ تعبيرية \ متداولة

Syrian currency witnessed notable value improvement against dollar exceeding 20% during past two days, coinciding with Syrians' influx from Jordan and Lebanon and lifting strict foreign currency trading restrictions following Bashar al-Assad's rule collapse.

Damascus money changers reported exchange rates between 10,000-12,500 lira per dollar Saturday, representing 20-50% variation from previous 15,000 lira rate, amid sharp market fluctuations.

Traders attributed improvement to thousands of returning Syrian citizens who left during 13-year armed conflict, and liberating dollar and Turkish lira market trading.

Under previous regime, foreign currency use in daily transactions risked imprisonment, with many avoiding word "dollar" in public. According to UN bodies, over 90% of Syrians live below poverty line.

Oil, industry, tourism, and other vital sectors damaged during conflict years. Large citizen percentage works in deteriorating public sector, with monthly salaries around 300,000 Syrian lira.

New Syrian government, formed by opposition after ending Assad family's 50-year rule, confirms wage increases and service improvements as top priorities.

Syrian Central Bank statement last week confirmed Syrian lira remains only authorized currency nationwide, clarifying "authorized trading currency in Syria is Syrian lira in all denominations."

Syrians facing crushing economic crisis for years, affecting fuel, energy, bread sectors, plus lira deterioration causing devastating life impacts. Most Syrian families depend on overseas relatives' remittances.

Experts expect continued 2024 inflation rate increases, affected by currency value decline, basic materials ongoing deficit, and possible additional food and fuel support reduction.

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