Selava Omar – Xeber24.net
The Syrian pound collapsed, at the beginning of last May, to a level not seen in its history, so that the Syrian markets are affected in one way or another as a result of the repeated setbacks of its currency, which led to a significant increase in the prices of food and basic commodities and the deterioration of the already tense living situation in different areas of the Syrian conflict .
Since the beginning of the Syrian crisis in early 2011, the value of the Syrian pound has declined almost continuously, and the difference between the official exchange rate of the Syrian pound and its price on the black market has increased steadily.
And in the last months of 2019, the financial crisis in Lebanon played a role in the devaluation of the Syrian pound, but the deep reasons behind its declining value lie in the Infrastructure more than the current conditions, and they reflect the devastating situation of the syrian economy, as the war wiped out many factors that allowed With relative stability to the Syrian currency during the first decade of the current century.
Dealers and bankers told media sources that the Syrian pound fell to a new record on Monday, at a time when investors are rushing to get the dollar before imposing new US sanctions later this month, which many fear will tighten the screws on the economy.
In a rapid free fall, the Syrian pound recorded 3000 against the dollar, The Syrian pound had previously broken an important barrier at 2,000 against the dollar on Thursday.
The most severe US sanctions expected later this month have shaken investors and businessmen, as they fear that it will exacerbate the country’s economic woes, which have been exacerbated by Western sanctions and the devastating conflict over the years.
The currency collapse has led to high inflation and exacerbated hardships, as Syrians struggle to obtain food, electricity, and other basic services.
It is reported that in the past two days, dozens of protesters protested against the low standards of living following the collapse of the Syrian pound.