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SYP exchange rate against USD remains relatively stable

Editing: Hazem Halak |
Translation: Nouha Salti
Publication date: 2020/06/28 13:02

Syria - SMART

The Syrian pound exchange rate against the United States dollar remained relatively stable at about 2,500 SYP in Damascus, Aleppo, and Idlib, Northern and Southern Syria.

On Sunday, local sources reported to SMART that the SYP exchange rate against the USD in the Syrian government forces-controlled Damascus reached 2,600 SYP for sales and 2,500 for purchase, decreasing by 50 SYP from the exchange rate of June 23, 2020, as it was 2,650 for sales and 2,550 for purchase.

Owners of money exchange shops said that the SYP exchange rate in the Idlib governorate, Northern Syria, reached 2,600 for sales and 2,550 for purchase, which is the same rate of June 23, 2020, adding that product prices keep on changing due to the unstable exchange rate over the past weeks.  

The owners added that the SYP exchange rate in the Aleppo governorate, Northern Syria, reached 2,550 for sales and 2,450 for purchase, declining by 50 SYP from the rate of June 23, 2020.

They also said that the exchange rate of the Turkish lira which is used in the market of the Idlib governorate as an alternative to the SYP reached 383 SYP for sales and 370 for purchase.

On Wednesday, June 17, 2020, the USA imposed economic sanctions on 39 Syrian entities under the Caesar Act, including Bashar Al-Assad, the Syrian government president and his wife.

On June 7, 2020, the SYP exchange rate against the USD reached 3,000, which is the worst value of the SYP in Syria’s history, amidst a continuous declining.

People in Syrian government-controlled areas suffer from several problems, including the lack of medicine, water, household gas, and fuel, in addition to food high prices and increased energy rationing hours. These problems are a result of the sanctions imposed by the USA and the European Union.