DAMASCUS, Sept. 19 — Syria’s central bank on Monday altered the official exchange rate of the country’s currency against the U.S. dollar, reflecting a loss of roughly seven percent of the Syrian pound per U.S. dollar. According to the Monday exchange rate bulletin released by the Syrian central bank, the U.S. dollar is now exchanged at 3,015 Syrian pounds as opposed to the previous price of 2,814 pounds.
Many Syrians living abroad send money home through unofficial channels in order to avoid losing money if they use the official exchange rate, which is substantially lower than the black market price that could reach 4,400 Syrian pounds to the U.S. dollar now.
Analysts believe the central bank’s move aims at controlling the transactions from abroad and keeping the exchange process within banks, instead of the black market.
Many analysts believe the new change in the rate is expected to affect prices and the purchasing power of the Syrian people.
The new rate is also the second alteration the bank makes in 2022. In April, the central bank changed the official exchange rate from 2,512 to 2,800 Syrian pounds per U.S. dollar.
The Syrian government blames the economic crisis in the country on the U.S. sanctions, which have had a devastating impact on all aspects of life in the war-torn country.(Xinhua)
Syrian pound loses against USD by 7 pct at official markets
