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SYP exchange rate against USD reaches 1,900 in Northern and Southern Syria

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Editing: Hazem Halak |
TranslationEditor: Glory Jabr |
Translation: Nouha Salti
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Publication date: 2020/06/01 09:52

Syria - SMART

On Monday, the Syrian pound exchange rate against the United States dollar reached 1,900 in Damascus, Aleppo, and Idlib, Northern and Southern Syria.

Owners of money exchange shops reported to SMART that the USD exchange rate reached 1,940 SYP for sales and 1,900 SYP for purchase in Idlib, after it was 1,820 for sales and 1,790 for purchase on Sunday, while in Aleppo, the USD exchange rate reached 1,890 for sales and 1,860 for purchase, after it was 1,820 and 1,800 one day before.

Local sources reported to SMART that the USD exchange rate in the Syrian government-controlled city of Damascus, reached 1,890 SYP for sales and 1,860 SYP for purchase, after it was 1,780 and 1,800 on Sunday.

On May 18, 2020 the USD exchange rate reached 2,000 SYP for the first time in Syria’s history, as money exchange shops in Northern and Northeastern Syria stopped dealing in USD on May 17, 2020, 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.