The exchange rate of the Syrian pound against the dollar stabilized today, Thursday, in parallel market transactions, and was also stable in official transactions, according to the bulletin of the Central Bank of Syria.
Parallel market transactions
The exchange rate of the Syrian pound against the dollar stabilized today, Thursday, January 23, in Damascus and Aleppo at 11,700 pounds for purchase, and at 11,800 for sale, which is the same level recorded in the last transactions yesterday.
In Idlib and Al-Hasakah, the exchange rate of the Syrian pound against the dollar was stable compared to yesterday evening’s transactions, at 11,650 liras for purchase and 11,750 liras when selling.
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 13,65 pounds for purchase against the dollar, while it recorded 13,130 pounds for sale against the green note (dollar).
Factors affecting the exchange rate of the Syrian pound
- Syrian banks refrain from pumping the local currency into the market, and this pushes merchants and manufacturers to sell the dollar to obtain the local currency from the parallel market to conduct their business.
- The government holds limited amounts of the Syrian pound to meet a 400% increase in employee salaries starting next month, which increases the government’s demand for the Syrian pound.
- Increased supply of dollars, and the Central Bank of Syria held on to local currency reserves.
- EU foreign ministers are expected to consider easing some sanctions against Syria at a meeting in Brussels on January 27.
- The United States of America has eased its 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 earlier that the United States allowing personal transfers from Syrians abroad was a positive step, calling for the sanctions to be completely lifted.
- Economy Minister Basil Abdel Hanan told Al Jazeera Net earlier that there is a plan to stabilize the exchange rate in order to stabilize the markets and move the wheel of trade exchange.
