On August 2, the exchange rate of the Syrian pound depreciated to SYP 4,210 against the US dollar in the parallel market. This is its lowest rate since March 2021.
This depreciation of the pound is mainly explained by the appreciation of the dollar on the foreign exchange market.
Since the start of the conflict, Syria has faced a scarcity of dollar currencies on the domestic market. This is due to significant capital outflows, a significant reduction in exports, the virtual disappearance of tourism and the consequences of the Lebanese banking crisis of 2019.
Between August 2021 and January 2022, the Central Bank of Syria (CBS) had managed to keep the value of the pound around SYP 3,500-3,600 per dollar and to decouple the value of the Syrian pound from the Lebanese pound.
Since February 2022, the war in Ukraine has caused the dollar to appreciate and the Syrian pound has depreciated to SYP 3,695 to the dollar at the end of February, SYP 3,955 to the dollar at the end of March, SYP 4,020 to the end of June and SYP 4,180 to the dollar at the end of June. end of July.
Source : Embassy of France in Lebanon