Syrian markets are experiencing instability in the prices of basic goods as the black market exchange rate of the pound fluctuates sharply, while the Central Bank of Syria takes a hands-off approach.
The Central Bank of Syria aims to close the gap between the Syrian pound’s official exchange rate and its black market price, following a “momentary improvement” in its value when the regime fell.
In 2023, the Syrian pound fell to an unprecedented low, with living conditions in the country at their “worst since the beginning of the 20th century.” Will 2024 bring any relief, or only more of the same?
Damascus is reducing the gap between the official dollar exchange rate, which lags behind the widely used black market rate. The latter is the lodestar for Syrian traders, as it reflects the real value of the Syrian pound.
