Syria’s Central Bank Devalues Pound by 50% Against US Dollar

The Central Bank of Syria on Monday devalued the Syrian pound, lowering its official exchange rate against the US dollar for the second time since September. The official exchange rate dropped from 3,015 Syrian pounds to 4,522 Syrian pounds against the US dollar, representing a devaluation of nearly 50%, the bank’s bulletin reported on Monday. Analysts said the devaluation was intended to control transactions from abroad, boost exports, and eliminate the incentive to exchange currency on the black market rather than regulated channels such as banks. Syria is experiencing severe economic instability, which its government blames on US sanctions.