Syrian pound falls amid rising imports
The Syrian pound has once again depreciated due to the worsening economic situation, reaching 140.50 pounds against the dollar in the black market, after being below 132 pounds last September. Meanwhile, the Central Bank continues to keep its official rate fixed at 122.50 pounds. The decline is attributed to a weak economy and the absence of genuine monetary supports, especially given the heavy reliance on imports and declining exports, which lead to a persistent trade deficit. Experts emphasize that the deterioration of the currency deepens inflation and erodes the purchasing power of Syrians, as demand for the dollar increases and the black market and informal trade flourish. This occurs amid a liquidity shortage and an unofficial, non-independent control over monetary policy by the Central Bank. Achieving stability for the Syrian pound requires an integrated economic plan focused on supporting production and exports, revitalizing official banking institutions, and ensuring transparency in monetary policy, with the goal of reducing dependence on imports and improving the balance of payments.
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