Published: January 13, 2020
Syrian Pound Hits Record Low of 1,000 against the Dollar
News Arab World Syrian Pound Hits Record Low of 1,000 against the Dollar A
The Syrian pound hit a record low against the dollar. (Reuters)
London - Asharq Al-Awsat
The Syrian pound hit a new black market low on Sunday after weakening to its lowest rate yet against the US dollar.
Currency offices were selling dollars on the black market for more than 1,000 pounds for the first time, amid an unprecedented hike in the prices of goods and food products.
In the past few days, the pound rose 200 points against the dollar, prompting a campaign on the social media to back the currency.
However, the drop in the pound did not last long. It again returned to the range of the 1,000 on Sunday.
Meanwhile, the Syrian Central Bank posted on its website that the official rate of the pound was 434, avoiding mentioning the deterioration of the currency.
At the start of the conflict in 2011, the rate stood at around 48 pounds to the dollar.
The drop in its value drove a sharp hike in the prices of goods, with many almost doubling in recent weeks. source