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SYP exchange rate against USD declines reaching 1,700

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Editing: Mohamad Alaa |
Translation: Nouha Salti
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Publication date: 2020/05/23 10:05
Update date: 2020/05/23 14:23

Damascus - SMART

On Saturday, the Syrian pound exchange rate against the United State dollar declined reaching 1,700 SYP in the Syrian governorates.

Local sources reported to SMART that the USD exchange rate reached 1,715 SYP for sales and 1,695 SYP for purchase in the Damascus and Aleppo cities, while last Thursday, it was 1,665 for sales and 1,640 for purchase.

In the al-Hasakah governorates, the USD exchange rate reached 1,685 SYP for sales and 1,670 SYP for purchase, while last Thursday, it was 1,600 for sales and 1,695 for purchase.

In the Idlib governorates, the USD exchange rate reached 1,730 SYP for sales and 1,690 SYP for purchase, while last Thursday, it was 1,690 for sales and 1,660 for purchase.

In the Aleppo countryside areas, which are outside the Syrian government forces’ control, the USD exchange rate reached 1,680 SYP for sales and 1,720 SYP for purchase, while last Thursday, it was 1,660 for sales and 1,670 for purchase.

On May 18, 2020, the SYP exchange rate against the USD reached 2,000 for the first tie in Syria’s history. On May 17, 2020, money exchange shops in Northern and Northeastern Syria stopped dealing in USD after it exceeded 1,700 SYP.

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, losing more than 97.5 percent of its value.