The exchange rate of the U.S. dollar jumped against the Syrian pound, tuesday, March 16, 2021, on the black market, by about 150 pounds to buy and 160 pounds for sale.
The exchange rate of the dollar on the black market increased to 4250 lira for purchase, 4,320 pounds for sale, against 4,100 liras for purchase, and 4,160 pounds for sale, yesterday.
The dollar’s price in official bank transactions was fixed at 1,250 lira for purchase and 1,262 pounds for sale unchanged.
Syria has been under western sanctions for years, in addition to the grinding civil war.
The dollar was worth 47 lira before protests against President Bashar al-Assad’s rule in March 2011 in unrest that led to war.
Syrian investors and businessmen hold billions of dollars in lebanon’s crisis-ridden banks, which for years have been a safe haven for investors fleeing government sanctions and severe restrictions.
The Lebanese crisis has put pressure on a major source of dollars for Syria, causing further damage to the local currency.
The collapse of the lira has led to high inflation and has exacerbated difficulties at a time when Syrians are struggling to provide for food, electricity and other basic needs.
The losses of the Syrian economy from 2011 to the beginning of this year amounted to $530 billion, which is 9.7 times the gdp of 2010 at constant prices.
According to a study by the Syrian Center for Studies Research, the country’s public debt rose by about 208% relative to GDP, the loss of the local currency (Syrian lira) about 97% of its value over several years, in addition to the country’s unemployment rate of 42%.
Eur and GBP
The euro on the black market rose to 5065 lira for purchase, 5,153 pounds for sale, against 4,896 pounds for purchase, and 4,973 pounds for sale, yesterday.
The price of sterling in Syria on the parallel market increased to 5888 pounds for purchase, 5995 pounds for sale, as opposed to 5,700 pounds for purchase, and 5793 pounds for sale, yesterday.
The price of the rial, dirham and dinar
The price of the Saudi riyal in Syria on the black market increased to 1131 pounds for purchase, 1153 pounds for sale, as opposed to 1090 pounds for purchase, and 1109 liras for sale, yesterday.
The price of the UAE dirham in Syria on the parallel market jumped to 1154 pounds for purchase, 1176 pounds for sale, as opposed to 1113 pounds for purchase, and 1133 pounds for sale, yesterday.
The price of the Kuwaiti dinar on the black market in Syria rose to 14,067 pounds for purchase, 14,324 pounds for sale, as opposed to 13,553 pounds for purchase, and 13,777 pounds for sale, yesterday.