Unprecedented historical collapse | Syrian pound keeps plummeting

The Syrian pound is plummeting reaching its lowest level ever against the U.S. dollar, while the Syrian government is completely inable to control this rapid collapse. The Syrian Lira has come under great pressure since situation in Lebanon reached crisis point, as Lebanon used to be a source of foreign currency in the wake of international sanctions imposed on Syria.

 

The Syrian pound against the US dollar recorded 1,580 SYL today, Wednesday, in black market and areas beyond the control of regime-held areas. Meanwhile, the Syrian pound against the Euro recorded 1,714 SYL. Also the exchange rate of the Syrian pound against the Turkish Lira reached 226 SYL, and 420 SYL against the Saudi Riyal.

 

Yesterday, SOHR sources reported that the Syrian pound nose-dived to its lowest level ever against U.S dollar, recording 1,555 SYL, while the Syrian pound against the Euro recorded 1,627 SYL.

 

On the other hand, the prices of staples and essential products rose throughout Syria to a level unaffordable by the many, affected by the currency’s plunge, which ignited widespread popular resentment.