Nearly 50% of local currency is devalued by the Syrian Central Bank

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The exchange rate of the Syrian pound to the dollar has decreased by almost 50%, from 3,015 to 4,522, according to current data from the central bank of Syria. The central bank also issued a warning to currency speculators, announcing that it would take action to stop any practices that jeopardize the stability of the exchange rate.

Currency Collapse Worsens the Plight of Syrians
The exchange rate of the Syrian pound to the dollar has decreased by almost 50%, from 3,015 to 4,522, according to current data from the central bank of Syria. The central bank also issued a warning to currency speculators, announcing that it would take action to stop any practices that jeopardize the stability of the exchange rate.

The study claims that prices have increased as a result of the collapse of the Syrian pound, which prior to the 2011 anti-Bashar al-Assad riots traded at 47 to the US dollar. The situation of Syrian citizens, who have been forced to deal with shortages of necessities like fuel and power, has gotten worse as a result of rising costs.

Syria continues to suffer from the consequences of Western sanctions as well as the financial collapse in its neighbor Lebanon, in addition to the ongoing civil war. The government’s financial predicament has gotten worse as a result of the loss of oil-producing territory in the northeast of the nation.

Warning to Speculators and Currency Manipulators
The Syrian central bank stated it is willing to take action to restore trust in the local currency in a statement released on January 2.

According to a statement on the central bank’s website, “The Central Bank of Syria continues to monitor the stability of the exchange rate in the local market, take all feasible measures to restore balance to the Syrian pound, and follow up and deal with all illegal operations that undermine the stability of the exchange rate.”

The bank additionally committed to intervening by taking measures to stop market manipulation and speculative activity.

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