The Syrian pound continued to rise against the dollar in parallel market transactions – today, Monday – in most governorates.
According to the Lira Today website, which tracks parallel market transactions, the dollar prices in the Syrian governorates were as follows:
- The exchange rate of the lira in Damascus and Aleppo rose to 12,800 against the dollar for purchase from 13,400 recorded yesterday, while the selling price reached 13,200 after it was in the range of 13,200 to 13,400 lira yesterday.
- In Idlib, the lira improved to 12,700 against the dollar for purchase from 13,500 recorded at yesterday’s close, while it recorded 13,200 against the dollar for sale from the level of 13,200 and 13,500 yesterday.
- In Al-Hasakah, the lira rose to the level of 12,500 to the dollar from 13,200 for sale, and the selling price also rose to 13,000 liras from the range of 13,000 and 13,200 liras yesterday.
- The Central Bank of Syria fixed the exchange rate at 13,500 liras per dollar for sale and 13,635 for sale.
- The price of the euro reached 14,074.58 liras for purchase and 14,215.33 liras for sale.
Factors improving the performance of the lira
Syrian journalist and analyst Adnan Abdel Razzaq told Al Jazeera Net that the lira’s performance is linked to economic, psychological and political factors, most notably reassurance about political stability, noting that it improved directly on the night of Assad’s fall.
He added that the stability of the exchange rate depends on many factors, the most important of which is the volume of exports, and therefore production, which brings the country back in hard currency, and means the balance of supply between the local currency and foreign currencies.
The Minister of Economy in the caretaker government, Basil Abdel Hanan, had spoken to Al Jazeera Net, earlier, about the plan to save the lira from collapse, and said 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.
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, in addition to achieving stability in the exchange rate to stabilize the movement of commercial and monetary circulation.
