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SYP exchange rate against USD exceeds 1900

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Editing: Hazem Halak |
Translation: Glory Jabr
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Publication date: 2020/06/03 12:14

Syria - SMART

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

Local sources reported to SMART that the USD exchange rate in the Syrian government-controlled city of Damascus, reached 1960 SYP for sales and 1930 SYP for purchase, after it was 1890 and 1860 on Monday.

Owners of money exchange shops reported to SMART that the USD exchange rate reached 1950 SYP for sales and 1,920 SYP for purchase in the Aleppo governorate, after it was 1890 for sales and 1860 for purchase on Monday, while in Idlib, the USD exchange rate reached 1935 for sales and 1910 for purchase, after it was 1940 and 1900 on Monday.

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.

People in Syrian government-controlled areas suffer from several crises, including the absence of medicine and water, high food prices, increased hours of rationing electricity, in addition to the lack of household gas and fuel, as a result of repeated economic sanctions imposed on the Syrian government by the United States and the European Union.