Relative stability of the Syrian pound today, Thursday economy

The exchange rate of the Syrian pound stabilized today, Thursday, against the dollar relatively in parallel market transactions, while it recorded stability in official transactions, according to the bulletin of the Central Bank of Syria.

Parallel market transactions

The exchange rate of the Syrian pound declined today, Thursday, against the dollar in Damascus and Aleppo slightly to 11,600 pounds against the dollar from 11,500 recorded yesterday when purchasing, while the selling price stabilized at 11,800 against the dollar.

In Idlib (northwest Syria) and Al-Hasakah (northeast Syria), the exchange rate of the Syrian pound rose slightly today, Thursday, against the dollar, to 11,600 liras against the dollar when purchasing from 11,700 liras yesterday, and the selling price rose to 11,800 liras from 11,000 liras. One thousand and 900 registered yesterday.

The exchange rate of the lira at the Central Bank of Syria

At the Central Bank, the exchange rate of the Syrian pound stabilized today, Thursday, at 13,000 for purchase against the dollar, while it recorded 13,130 pounds for sale against the green note (dollar).

Factors affecting support for the lira

• Syrian banks and banks 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 amounts of the Syrian pound to fulfill its commitment to pay the 400% increase in employees’ salaries starting in February 2025, which has increased the government’s demand for the Syrian pound.
• What supported the lira was the increase in the supply of dollars, and the central bank’s adherence to lira reserves.
• The lira was supported by French Foreign Minister Jean-Noel Barrot’s statement last week that European Union sanctions on Syria, which are hampering the delivery of humanitarian aid and the country’s recovery, may be lifted quickly.
• The Syrian currency also supported the call of 6 European Union member states to temporarily suspend sanctions imposed on Syria in sectors such as transport, energy and banking services.
• The Syrian Minister of Trade in the Syrian caretaker government, Maher Khalil Al-Hassan, stated – in an interview with Al Jazeera Net – that most of the customs duties will witness a significant decrease, stressing that this will be reflected directly and positively on the prices of goods in the markets.
• America has eased sanctions on Syria, allowing transactions with government institutions and some energy transactions, and allowing the transfer of personal funds to Syria, including through the Syrian Central Bank.
• The Governor of the Central Bank of Syria, Maysaa Sabreen, said that the United States allowing personal transfers from Syrians abroad was a positive step, calling for the sanctions to be completely lifted.
• The governor of the Central Bank of Syria said that the bank has enough money to pay public sector salaries after the 400% increase pledged by the caretaker government.
• 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.