The Central Bank of Syria raises the price of the dollar by 100%


The Central Bank of Syria, on Thursday, two days after the dismissal of its governor, raised the official exchange rate of the pound against the dollar to 2512 pounds, bringing it closer to the black market rate.

The official rate adopted since June / June is fixed at 1256 pounds to the dollar.

The Central Bank of Syria announced Thursday The new exchange rate in his daily post on his Facebook account. Thus, the official exchange rate of the Syrian pound has deteriorated by more than 98%, since the start of the conflict in 2011, when the exchange rate was equivalent to 47 pounds to the dollar.

Syria, which the conflict entered last month, is witnessing its eleventh year. A stifling economic crisis exacerbated by Western sanctions and measures to curb the spread of the Coronavirus, in addition to the accelerating economic collapse in neighboring Lebanon, where many Syrians, including businessmen, deposited their money.

And at the beginning of last month, the Syrian pound recorded a record decline On the black market, where the exchange rate today exceeds 3000 pounds to the dollar.

The authorities have recently taken a series of measures to limit the deterioration of the Syrian Pound, including stopping the import of goods considered “luxuries” and pursuing illegal money changers.

Amid the crisis, Syrian President Bashar al-Assad dismissed the governor of the Central Bank on Tuesday, without naming a successor or specifying the reasons for his dismissal. 12.4 million people suffer from food insecurity, according to the World Food Program.

The Syrians are suffering from the tremendous rise in prices, and they wait for long hours to obtain small quantities of subsidized gasoline, whose price the government has raised by more than 50% Amid a severe fuel crisis.

The post The Central Bank of Syria raises the price of the dollar by 100% appeared first on World Weekly News.