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Syria pound reaches unprecedented collapse against dollar

July 8, 2023 at 12:29 pm

A merchant counts Syrian pound notes, bearing a portrait of the Syrian President Bashar al-Assad, at the Bzourieh market in the centre of the Syrian capital Damascus. [LOUAI BESHARA/AFP via Getty Images]

The Syrian pound has recorded a historic collapse against the US dollar, as its exchange rate reached 10,000 Syrian pounds for $1. This is the lowest level ever reached by the value of the Syrian pound.

Economic website Syrian Pound Today reported that the exchange rate in Damascus reached 9,750 pounds per dollar.

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Recently, the Syrian pound has witnessed new collapses in its value, as the price of the dollar in the markets of the capital, Damascus, exceeded 9,500 pounds for the first time, amid fears that this decline will affect the livelihoods of Syrians in regime-controlled areas, deepening their suffering.

The Bashar Al-Assad regime rarely reveals the real causes of the economic crises in the country, including the currency crisis, while it often holds Western countries and the US responsible.

However, economists see the story in a different light, mainly related to the structure of the regime and the policies it follows to run the country politically and economically. This is in addition to the pillars of the Syrian economy, of which nothing remains intact.

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