SYP continues to decline against USD
Damascus - Syria
The Syrian pound exchange rate against the United States dollar exceeded 2,500 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 2,650 SYP for sales and 2,550 SYP for purchase, after it was 2,425 for sales and 2,325 for purchase on June 15.
Owners of money exchange shops said that the USD exchange rate reached 2,650 SYP for sales and 2,550 SYP for purchase in the Idlib governorate, the same as it was in mid June, amidst changes in the daily exchange rates.
The owners of money exchange shops added that the USD exchange rate reached 2,600 SYP for sales and 2,500 SYP for purchase in the Aleppo governorate.
The money exchangers stated that the exchange rate of the Turkish lira, which is introduced in the local market as an alternative to the Syrian currency in the Idlib governorate, reached 390 SYP for sales and 375 for purchase.
On June 17, 2020, the US imposed economic sanctions on 39 Syrian officials according to the Caesar Act, including the Syrian President Bashar al-Assad and his wife.
On June 7, 2020, the SYP exchange rate against the USD reached 3,000 for the first time of the establishment of the Syrian state.
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.