The dollar jumped against the Syrian pound, monday, February 22, 2021, to a historic level on the black market while remaining steady in banking transactions
Traders and bankers said that the Syrian pound plunged to a new record high late Sunday as the scramble to buy the dollar in a country severely affected by sanctions and facing a severe shortage of foreign exchange.
The price of the dollar in the parallel market in Syria recorded about 3385 pounds for purchase, 3425 pounds for sale, compared to 3,370 pounds for purchase and 3,415 pounds for sale, yesterday.
The dollar’s price in the official banking transactions was fixed at 1,250 liras for purchase and 1,262 pounds for sale unchanged.
Today, the dollar is more than 18% lower than the end of last month.
The last quick fall of the lira was last summer when it broke the psychological barrier of 3,000 lira to the dollar due to fears that the imposition of more severe U.S. sanctions would further worsen the plight of the country’s crumbling economy.
Syria has been under western sanctions for years as well as a 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.
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 prices
The euro price in the parallel “black” market recorded about 4097 lira for purchase, 4151 pounds for sale, compared to 4079 pounds for purchase and 4,139 pounds for sale, yesterday.
The price of sterling rose to 4735 pounds for purchase, and 4801 pounds for sale, compared to 4715 pounds for purchase and 4788 pounds for sale, yesterday.
Rial, dirham and dinar
The price of the Saudi riyal on the parallel market was recorded to 901 lira for purchase, and 914 pounds for sale, compared to 897 pounds for purchase and 912 pounds for sale, on Sunday.
While the price of the UAE dirham in Syria, the parallel market has about 919 pounds to buy, 933 pounds for sale, compared to 915 pounds for purchase and 930 pounds for sale, yesterday.
The price of the Kuwaiti dinar on the black market was recorded to 11,180 liras for purchase, and 11,337 pounds for sale, compared to 11,130 liras for purchase and 11,304 liras for sale, yesterday.