Today, Wednesday, the exchange rate of the Syrian pound continued to improve against the dollar in parallel market transactions, while it stabilized in the bulletin of the Central Bank of Syria, in light of the US Treasury Department’s announcement the day before yesterday of facilities – an exception to the imposed sanctions – allowing the transfer of personal funds to Syria, and a French minister’s indication of the possibility Lift sanctions on Damascus quickly.
Parallel market transactions
- The exchange rate of the Syrian pound against the dollar in Damascus and Aleppo rose to 11 thousand pounds to the dollar when buying from 11 thousand and 700 recorded in the last transactions yesterday. It also increased to 11 thousand and 300 to the dollar when selling from the level of 11 thousand and 700 at the close of transactions yesterday.
- In Idlib (northwest Syria), the lira increased to 10,900 liras against the dollar when buying from 11,400 recorded yesterday, while the selling price reached 11,100 dollars, rising from a range that reached a maximum of 11,400 dollars at the end of yesterday’s trading.
- The lira rose in Al-Hasakah (northeastern Syria) to 11,000 against the dollar when buying from 11,100 liras to the dollar recorded yesterday, and the selling price stabilized at 11,200.
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
- French Foreign Minister Jean-Noel Barrot said today that European Union sanctions on Syria, which are hindering the delivery of humanitarian aid and the country’s recovery, may be lifted quickly.
- 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 Abu Zaid’s statement to Al Jazeera that foreign debt ranges between 20 and 23 billion dollars, 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 efforts.
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.
