The exchange rate of the Syrian pound declined today, Monday economy

The exchange rate of the Syrian pound declined today, Monday, against the dollar in parallel market transactions, while it stabilized in the transactions of the Central Bank of Syria, according to its bulletin issued yesterday (the last bulletins issued at the time of writing the report).

This comes after an increase last week after the US Treasury Department announced facilities (an exception to the imposed sanctions) allowing the transfer of personal funds to Syria, and a French minister indicated the possibility of lifting the sanctions on Damascus quickly.

Parallel market transactions

The exchange rate of the Syrian pound declined today, Monday, against the dollar in Damascus and Aleppo to 11,500 liras against the dollar for purchase from the level of 11,200 liras in yesterday’s latest transactions, while the selling price fell to 11,800 liras from 11,500 liras to the dollar yesterday.

In Idlib (northwestern Syria) and Al-Hasakah (northeastern Syria), the exchange rate of the Syrian pound fell today, Monday, when buying, to 11,800 pounds from the level of 11,200 yesterday, while the selling price fell to 12,000 from 11,400 pounds to the dollar.

At the Central Bank, the exchange rate of the Syrian pound stabilized today, Monday, at 13,000 for purchase against the dollar, while it recorded 13,130 pounds for sale against the green note (dollar), according to the bulletin issued yesterday (the latest bulletins issued).

Factors affecting the performance of the lira

• Syrian banks and finances refrained from pumping the lira into the markets, and thus merchants and factory owners were forced to sell the dollar in exchange for obtaining the lira from the parallel market to cover their expenses.
• The government is holding on to limited quantities of the Syrian pound to fulfill its commitment to pay the increase in employee salaries by an increase of up to 400% as of February 2025, which has increased the government’s demand for the Syrian pound.
• The supply of dollars rises, and the central bank holds on to lira reserves.
• French Foreign Minister Jean-Noel Barrot said last week that European Union sanctions on Syria that are hampering the delivery of humanitarian aid and the country’s recovery could be lifted quickly.
• The Syrian Minister of Trade in the Syrian caretaker government, Maher Khalil Al-Hassan, stated – in an interview with Al Jazeera Net – that customs duties in most of them will witness a decline, perhaps reaching more than 50% or 60% in some of them, stressing that this will reflect directly and positively on Prices of goods in the markets.
• Last week, the US Treasury issued a license to Syria (an exception to 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 Muhammad Aba Zeid told Al Jazeera that the foreign debt ranged between $20 and $23 billion, in addition to “billions in domestic debt,” and added that they inherited “a dilapidated state with empty coffers and huge debts,” and that the Assad regime had “no records.” You can return to it.”
• 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.