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Money exchange shops stop circulating USD as its rate exceeds 1,700 SYP in areas outside Syrian government forces control

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Editing: Mohamad Alaa |
TranslationEditor: Glory Jabr |
Translation: Muhammad Ghaith
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Publication date: 2020/05/17 12:05

Idlib - SMART

On Sunday, money exchange shops stopped circulating the USD as its exchange rate against the Syrian pound reached 1,700 SYP in areas outside Syrian government control in Northern and Northeastern Syria.

The USD exchange rate reached 1,710 SYP for sale and 1,690 SYP for purchase in Idlib and the western, eastern, and northern Aleppo countryside outside Syrian government forces control in Northern Syria.  

The USD exchange rate reached 1,705 SYP for sale and 1,695 SYP for purchase in the Kurdish Autonomous Administration-controlled areas in the al-Hasakah and al-Raqqa governorates, Northeastern Syria. The USD exchange rate decreased by 15 SYP, amidst fluctuated rate simultaneously. 

Money exchangers in Northern and Northeastern Syria reported to SMART that circulating USD is stopped currently due to fluctuated exchange rate and to avoid big loss.

A money exchanger in Aleppo reported to SMART that the USD exchange rate increased in areas outside Syrian government forces control for being a major market for exchanging currency and circulating the 2,000 money note that money exchangers consider bounced.  

Earlier on Sunday, the Syrian pound exchange rate continued to decline against the USD, exceeding 1,600 SYP in Syrian government-controlled govenrorates. 

On Thursday, the Syrian pound value continued to decline against other currencies as the USD exchange rate reached 1,560 SYP. Ten days ago, the SYP lost more than ten percent of its value in one day when the USD exchange rate exceeded 1,550 SYP for the first time in Idlib and 1,590 SYP in Aleppo. The USD exchange rate reached 1,455 SYP in the city of al-Suwayda. 

This rate is yet the worst in the history of Syria since its independence and the separation between the Syrian and Lebanese pounds, as in 1961, one USD made two SYP, in 2005 it made 53 SYP, in 2010 it made 49 SYP, and it began declining rapidly since 2011. In 2016, the USD reached 640 SYP and in the beginning of 2020, it exceeded 1,000 SYP.