The Syrian Central Bank on Monday lowered the official Syrian pound’s exchange rate against the U.S. dollar for the second time since September, reflecting a loss of about 50 percent.
According to the bank’s bulletin on Monday, the official exchange rate dropped to 4,522 Syrian pounds against 1 dollar from the previous 3,015 pounds per dollar.
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.
The Syrian government blames the economic crisis on the U.S. sanctions, which have had a devastating impact on all aspects of life in the war-torn country.
Displaced Syrians disappointed by UN’s decision to stop aid
BEIRUT – Syrian refugee Jamal Abu Lutfi and his family gathered around an old wood-burning stove in their tent in Lebanon’s Bekaa town of Saadnayel, worrying about their future after receiving a gloomy text message [Read More]
