SYP: Syrian pound firms against US dollar after Assad's fall
- By Reuters -
- Dec 14, 2024
The Syrian pound (SYP) has strengthened against the US Dollar (USD) by at least 20% over the past two days amid an influx of Syrians from neighboring Lebanon and Jordan and an end to strict controls on trade in foreign currencies after the fall of the Assad government.
Damascus currency traders cited exchange rates between 12,500 and 10,0000 on Saturday, a wide spread of between 20% and 50% stronger than the previous rate of 15,000, with high volatility in the market.
The traders cited the return of thousands of Syrians who had sought refugee abroad during the country’s 13-year war and the open use of US dollars and Turkish currency in markets as having contributed to the change.
Using foreign currencies for everyday trade could previously land Syrians in jail, and many feared even uttering the word “dollar” in public.
More than 90% of Syrians live under the poverty line, according to U.N. agencies.
The country’s oil industry, manufacturing, tourism and other key sectors have been choked by years of fighting and large segments of the population are employed by a decrepit public sector where monthly wages average around 300,000 Syrian pounds.
Syria’s new government, picked by rebels who took Damascus on Sunday in a lightning offensive that toppled 50 years of Assad family rule, say they will raise wages and prioritize improving services.