The exchange rate of the Syrian pound rose during Sunday’s trading in most governorates, after a state of fluctuation following the fall of Bashar al-Assad’s regime.
In the parallel market:
- The price of the lira in Damascus and Aleppo rose to 13,200 per dollar for purchase and 13,500 for sale from yesterday’s levels, which amounted to 1,366 lira for sale and between 13,500 and 13,600 for sale.
- In Idlib, the exchange rate of the lira improved to 13,000 to the dollar for purchase and 13,500 for sale, from levels of 13,500 for sale and between 13,400 and 13,500 for purchase.
- In Al-Hasakah, the exchange rate did not change at 12,700 to the dollar, and 13,200 for sale.
In turn, the Central Bank of Syria announced that:
- The exchange rate of the lira recorded 13,500 against the dollar for purchase and 13,635 for sale.
- The exchange rate of the lira against the euro reached 14,073 for purchase and 14,213 euros 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.
