As the Syrian government prepares to issue new banknotes and cut zeros from the country’s depreciated currency, many Syrians care most about easier everyday transactions.
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?
Recent economic moves by Damascus impacted the cost of most basic goods and services, sparking a wave of protests in the country’s south and anger all the way to the coast.
