The exchange rate of the Syrian pound stabilized against the US dollar according to data from the Central Bank of Syria, while it rose in parallel market transactions according to sites monitoring market transactions in various Syrian cities.
This came in the wake of the US Treasury Department announcing facilities – an exception to the imposed sanctions – allowing By transferring personal funds to Syria, including through the Syrian Central Bank.
Parallel market transactions
- The exchange rate of the lira in the parallel market in Damascus and Aleppo rose to 12,200 liras per dollar from 13,000 at yesterday’s close for purchase, and the selling price reached 12,500 per dollar from a daily range between 12,500 and 13,000.
- The price of the lira in Idlib increased at a greater pace, reaching 12,000 for purchase from 13,000 recorded yesterday, and the selling price stabilized at 12,200 liras to the dollar from a daily range of 12,200 liras and 13,000 recorded yesterday.
- In Al-Hasakah, the currency exchange rate rose to 11,700 against the dollar for purchase from 12,800 recorded yesterday, and in the case of selling, the price of the Syrian currency reached 11,900 liras against the dollar from a range between 11,900 liras and 12,800 liras.
At the Central Bank, the exchange rate of the lira stabilized at 13,000 for purchase against the dollar, given the prices recorded yesterday, while it recorded 13,130 liras for sale against the green note (dollar).
Factors affecting the performance of the lira
- The US Treasury issued a license to Syria – an exception to the sanctions – allowing transactions with government institutions and some energy transactions, and allowing the transfer of personal funds to Syria, including through the Syrian Central Bank.
- Caretaker Finance Minister Mohamed Abazaid told Al Jazeera that foreign debt ranges between $20 and $23 billion, in addition to “billions in domestic debt.” He added that they inherited “a dilapidated state with empty coffers and huge debts” and that the Assad regime had “no records to which it can go.”
Abu Zaid stressed that the government “does not have a magic wand to solve Syria’s economic problems,” noting that they inherited a public sector, 70% of which are loss-making companies.
- Economy Minister Basil Abdel Hanan spoke to Al Jazeera Net, earlier last month, about a plan regarding the lira, saying that the main goal is first to stabilize the exchange rate in order to stabilize the markets and move the wheel of trade exchange.
Abdel Hanan added that in the future, as the wheel of production moves and exports begin, there will be steps that raise the value of the lira, but the current reality requires great efforts in addition to the concerted efforts of all.
He explained that the most important factor for strengthening the lira is production and export to introduce hard currency and increase the cash reserve, thus increasing the strength of the currency, as well as achieving stability in the exchange rate to stabilize the movement of commercial and monetary circulation.
