The exchange rate of the Syrian pound against the dollar today, Thursday… an increase in Idlib and a decline in Al-Hasakah economy

The exchange rate of the Syrian pound stabilized today, Thursday, against the dollar in official and parallel market transactions, after successive rises following the US Treasury Department’s announcement last Monday 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 of lifting sanctions on Damascus quickly.

Parallel market transactions

• The exchange rate of the Syrian pound against the dollar in Damascus and Aleppo stabilized at 11,000 liras to the dollar when buying, which is the level recorded yesterday, Wednesday, and at 11,300 liras for selling.
• In Idlib (northwestern Syria), the price rose to 10,800 liras when buying from the level of 11,200 that was recorded at the close of trading yesterday, while the selling price stabilized at 11,200 liras to the dollar.
• In Al-Hasakah (northeastern Syria), the lira fell to 11,200 liras against the dollar when buying from 11,000 recorded yesterday, and the selling price rose to 11,400 liras from 11,200 recorded yesterday.

At the Central Bank, the exchange rate of the lira stabilized at 13,000 for purchase against the dollar, 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 that are hindering the delivery of humanitarian aid and the country’s recovery may 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 decrease, 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.
• 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 Muhammad Abazaid told Al Jazeera that the foreign debt ranged between $20 and $23 billion, in addition to “billions in domestic debt,” and added that they had 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.