The exchange rate of the Syrian pound stabilized against the dollar today, Wednesday, in parallel market transactions in Damascus and Aleppo, while it witnessed an improvement in Idlib and Al-Hasakah, and it also 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 against the dollar stabilized today, Wednesday, January 22, in Damascus and Aleppo at 11,600 pounds for purchase, and at 11,800 for sale, which is the same level recorded in the last transactions yesterday.
- In Idlib, the exchange rate of the Syrian pound against the dollar rose slightly to 11,600 liras for purchase from 11,650 liras recorded yesterday evening, and when selling, the price of the lira improved to 11,700 liras from 11,750 liras recorded yesterday evening.
- In Al-Hasakah, the exchange rate of the Syrian pound against the dollar increased to 11,600 liras from 11,700 liras recorded yesterday when buying, while it recorded 11,700 liras when selling, compared to 11,800 liras recorded 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, Wednesday, at 13,65 pounds 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 refrain from pumping local currency into the market; Which pushes merchants and manufacturers to sell the dollar to obtain the lira from the parallel market to cover their expenses.
- The government keeps limited amounts of lira on hand to meet a 400% employee salary increase starting in February 2025; This raised the government’s demand for the Syrian pound.
- The supply of dollars increases, and the Central Bank of Syria holds on to local currency reserves.
- The European Union is considering a gradual suspension of its economic sanctions on Syria as it seeks to support the country’s transition, while retaining some leverage, Reuters reported, citing two documents.
- 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 spoke to Al Jazeera Net earlier 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.
