Today, Monday, the Syrian pound recorded a sharp fall on the unofficial black market against the US dollar for the first time in its history, as the exchange rate touched 10,000 pounds to one dollar.
The dollar exchange rate in the city of Qamishli closed at about 10,000 Syrian pounds to one dollar, which means that 100 US dollars became equal to one million Syrian pounds.
Black market foreign exchange data indicates that the Syrian pound is experiencing a new record deterioration, as unofficial electronic applications showed that the rate hit 9,750 pounds per dollar on Monday.
Merchants rely on a parallel market price tracked by apps to determine the prices of their products, while the official exchange rate approved by the Central Bank is equivalent to £6,532 to one dollar.
Analysts explained that “the reasons for the depreciation of the lira have not changed due to the lack of economic alternatives to improve the performance of the currency, especially in the face of ongoing sanctions that prevent any export transactions.”
Source: RT