Syrian Pound Gains Value Against US Dollar as Syrian Refugees Return
The Syrian Pound (SYP) improved on Saturday, trading at 11,500 to 12,500 pounds per US Dollar, compared to about 17,000 pounds per dollar last week.
Syrian Currency
The Syrian currency improved after opposition forces removed the government earlier in December.
According to a Reuters report, foreign exchange traders say the return of thousands of Syrian refugees has helped strengthen the currency. These refugees, who lived abroad during the country’s 13-year war, are now coming back with foreign money.
The Central Bank of Syria (CBS) reported that the Syrian pound (SYP) was trading at about 13,600 to the US dollar on December 5, just days before Bashar Al-Assad’s government fell.
Safe Deposits
Last week, the central bank assured the public that deposits in local banks are secure.
“We assure all citizens dealing with local banks that their deposits are safe and have not been and will not be harmed,” the central bank announced on its official Facebook page.
A day earlier, the CBS governor revealed that the bank had been targeted in a planned robbery. However, the Military Operations Administration recovered part of the stolen money on December 8.
These statements came after the rebels called for protecting both public and private property in Damascus. The central bank also said it would continue supervising financial institutions to ensure they operate properly.
Big Numbers
Syria is still facing the world’s biggest refugee crisis. Since 2011, about 14 million Syrians have had to leave their homes to find safety, says the UNHCR. Over 7.2 million are still displaced within Syria, and 90% of them live in poverty.
Syrian Economy
Syria’s economy got worse in 2023, according to the World Bank. Economic activity, measured by nighttime lights, dropped by 1.2% compared to the previous year. This decline was worse near the western borders because of weaker trade. Oil production also went down by 5.5%, partly due to damage caused by earthquakes.
Even though better weather helped increase farming output, agriculture is still struggling because of the ongoing conflict, displacement of people, and damaged infrastructure. This has caused smaller harvests. Syria’s industries and farming have collapsed, making the country more dependent on imports, especially for food.
The Syrian pound lost 141% of its value compared to the dollar in 2023, and prices for goods went up by about 93%. Cuts to subsidies made things even worse. These problems have made life harder for Syrian families, with less access to basic services and high unemployment.
Published: 16th December 2024
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