The Syrian pound has recently gained grounds against the US dollar and other major world currencies. The Syrian pound can presently be exchanged at a rate of 50.2 pounds to the dollar, compared to SP 53.5 in previous months.
The rising value of the Syrian pound is attributes by market experts to seasonal shifts, in which every summer Syrian expatriate workers and tourists arrive into the country bringing with them capital, thus increasing the demand for the Syrian pound, according to an AFP repotr.
Director general of the Commercial Bank of Syria, Mahmud Mithqal, attributed the recent change in the dollar exchange rate to rising supplies of the Syrian pound in neighboring countries as the tourism season flourishes, according to Al-Watan.
Methqal added that there has been a significant jump in the nation’s dollar supply. Various financial arms of the Commercial Bank are presently attracting some $500,000 per day, compared with $100,000 during regular seasons.
Consequently, the dollar exchange rate dropped by 20 percent in recent times on the black market. The volume of dollar exchanges in the black market ranges from four to five million dollars per day.
There are several different rates of exchange in Syria. Apart from the official rate used for transactions between the Syrian government and other countries and the tolerated black market rate, there is a rate of pounds to the dollar for business operations. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
