The Syrian Central Bank estimates the state currency by almost 50 % - Economics

Von Krypto News Österreich

The Syrian Central Bank recently announced the almost 50 percent devaluation of the Syrian pound exchange rate compared to the Greenback from $ 3,522 per dollar. The central bank also warned currency speculators to take measures to end activities that undermine the stability of the exchange rate.

The collapse of the currency worsens the need of the Syrian

The Syrian central bank announced on January 2 that it adjusted the official exchange rate of £ 3,015 per $ 4,522 pounds. However, despite the almost 50 percent devaluation, the new official exchange rate is still more than 40 percent above the parallel market course of £ 6,500 per dollar, according to a report by Reuters.

according to the report of the Syrian pounds, which before the protests from 2011 against the government of Bashar Al-Assad was traded at $ 47, the prices for goods drove up. In turn, rising prices have worsened the need of the Syrian residents who have to deal with the scarcity of staple foods such as fuel and electricity.

In addition to the ongoing civil war, Syria continues to suffer from the effects of western sanctions and the financial crisis in neighboring Lebanon. The loss of oil production areas in the northeast of the country has deteriorated the government's financial situation.

warning to speculators and currency manipulators

meanwhile in a statement said on January 2, it was ready, it was ready, it was ready, Taking steps to restore confidence in the state currency.

"The Central Bank of Syria continues to monitor the stability of the exchange rate on the local market, takes all possible means and measures to restore the balance of the Syrian pounds, and pursues and treats all illegal operations that advise the stability of the stock exchange," says an explanation on the website of the central bank.

The bank also promised to intervene and take measures that would help end speculative activities and manipulation of the foreign exchange markets.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.












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