The dollar jumped against the Syrian pound, in early trading on Tuesday, February 23, 2021, by 40 pounds to buy and about 45 pounds for sale.
The Syrian pound fell to a new record high late Sunday as the dollar rallied in a country severely affected by sanctions and facing a severe foreign exchange shortage.
The price of the dollar in the parallel market in Syria continued to rise on Tuesday, and recorded about 3425 pounds to buy, and 3470 pounds for sale, compared to about 3385 pounds for purchase, and 3425 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 climbed to about 4156 pounds for purchase, 4216 pounds for sale, compared to 4097 pounds for purchase, and 4,151 pounds for sale, yesterday.
The price of sterling rose to 4805 liras for purchase, 4878 pounds for sale, compared to 4735 pounds for purchase, and 4801 pounds for sale, yesterday.
Rial, dirham and dinar
The price of the Saudi riyal on the parallel market increased to 911 pounds for purchase, 926 pounds for sale, compared to 901 pounds for purchase, and 914 pounds for sale, yesterday.
While the price of the Uae dirham in Syria, on the parallel market, increased to 930 pounds for purchase, and 945 pounds for sale, compared to about 919 pounds for purchase, and 933 pounds for sale, yesterday.
The price of the Kuwaiti dinar on the black market rose to 11,311 lira for purchase, and 11,485 pounds for sale, as opposed to 11,180 lira for purchase, and 11,337 pounds for sale, yesterday.