Syrian Pound Plummets as Economic Crisis Deepens
The Central Bank of Syria devalued the Syrian pound by nearly 30% against the US dollar on Monday, highlighting the country’s growing economic distress. The dollar is now worth 8,542 Syrian pounds, a significant jump from the previous rate of 6,532.
The change in official rates has widened the gap with the black market, where the dollar fetches a higher price at 11,800 pounds. This shift follows a 25% surge in the exchange rate over the past few weeks, as reported by the pro-government Al-Watan newspaper.
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In response to the escalating crisis, the Syrian cabinet convened an emergency session on Monday to address the deteriorating economic situation.
This financial instability is compounding hardships for the Syrian people, who are already grappling with lengthy electricity outages and soaring fuel prices during the heat of summer.
