Why the Syrian Pound surged against the US Dollar last week
Developments favorable to the regime and Central bank intervention has helped the severely weakened Syrian Pound surge against the US Dollar.
AFP quoted a trader as saying, "The dollar was being exchanged on Tuesday at 115 to 123 Syrian pounds, while it was worth more than 160 pounds last week."
Loyalists retook Sfira, southeast of Aleppo last week, a development which opened the regime’s supply lines to Syria’s second largest city.
Last week, loyalists retook Sfira, southeast of Aleppo, reopening the regime's supply lines to Syria's second city. In addition, the financial site The Syria Report reports that the Central Bank has also cut the number of currency traders and implemented new policies that restrict selling dollars to two members of the same family.
Since the uprising in Syria began, the greenback was being traded at 50 pounds, but soared to over 300 pounds this past summer.
- Twist of fate: Middle East fund managers shy away from Turkey, warm up to Egypt
- 'Let them eat cake'...or in the case of Egyptians, shall we say 'pasta'?
- In flux: What's up with Dubai's stock market?!
- GCC banks could face capital and liquidity shortfall
- It's time for an interest rate war in emerging markets, and here's why Middle Eastern economies should take part