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Economic recession prevails Damascus markets as Syrian pound improves against US dollar

Editing: Mais Noor Aldeen |
Translation: Muhammad Ghaith
Publication date: 2020/01/22 08:00

Damascus - SMART

Economic recession prevails Damascus markets as the Syrian pound improved against the US dollar.

On Wednesday, a clothes trader, who preferred to remain unknown, said that people's demand for markets significantly decreased, as he only receives a customer or two per day. The trader added that he is thinking of closing his shop.  

A meat trader said that he will sell his shop equipment and turn it into a grocery due to frequent increased prices of sheep. The trader noted that it takes four days for meat to be sold because residents are unable to buy.  

On Jan. 16, 2020, the USD exchange rate reached 1,200 Syrian pounds in most Syrian areas. On Jan. 21, the SYP exchange rate improved slightly to reach 1,030 against the USD in Damascus and Aleppo, which are controlled by the Syrian government. 

This value of the SYP is considered the worst in Syria’s history since its independence and the separation between the Syrian and the Lebanese pounds, as the rate was two SYP in 1961, 53 SYP in 2005, and 47 SYP in 2010. The rate has declined fast since 2011, as it reached 640 SYP in 2016, and then improved slightly to reach 500 SYP in 2017.

Syrian Lira deteriorated exchange rate caused prices of major materials, food, fuel, and goods to increase in most Syrian government-controlled governorates. A number of trade shops also closed due to the high prices.