Syria sets exchange rate

Published April 16th, 2013 - 12:38 GMT
Syria’s central bank set the exchange rate of the pound at $95.30 on Monday
Syria’s central bank set the exchange rate of the pound at $95.30 on Monday

Syria’s central bank set the exchange rate of the pound at $95.30 Monday, in a move aimed at propping up the country’s currency after it lost nearly half its value since the start of the ongoing conflict in 2011.

Central bank Governor Adeeb Mayaleh’s move increased the buying rate of the currency by 0.30 Syrian pounds. The bank also set the selling price at $95.87, according to the Syrian official news agency SANA.

The buying rate of the pound before the eruption of the conflict was $47.50.

On March 26, the central bank pledged action to support the Syrian pound, but observers say the measures are unlikely to have the desired effect.

The pound has plunged by nearly a quarter this month against the dollar since rebels seized vast areas of the oil-rich northeast region, prompting Syrians, fearful of the economic outlook, to convert pounds into foreign currency.

The pound, which is only traded in Syria, Jordan and Lebanon and mostly on the black market, hit a record low of 226 to the dollar on the black market and has stayed close to that level this week, local financial sources said.

Observers believe the pound will continue to plummet against the dollar as the country’s political future becomes more obscure due to the ongoing war.

 


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