The Syrian pound continues its decline against foreign currencies

The Syrian pound has reached its lowest level against the dollar since 2016, in a context of steady decline in value, despite the military progress made by the Syrian regime at the expense of opposition to Idlib.

According to the site, "read today", specializing in foreign currency, announced Sunday, September 1 the exchange rate of the Syrian pound against the US dollar, 640 euros on sale and 637 euros to the # 39; s purchase.

The exchange rate of the Syrian pound against the euro was 705 euros on sale and 699 euros on the purchase, according to the website.

The exchange rate of the Syrian pound started to exceed 600 in June, for the first time since 2016, when the Syrian government decided to sell unsubsidized gasoline at the world price.

The sharp decline of the Syrian currency coincides with the military advances of the regime forces in the Hama and Idlib campaigns, in addition to the economic activities observed at the 62nd International Damascus Fair.

Economic analysts close to the regime are associating economic changes with the international blockade on Syria and the difficulty of import and export operations, as well as the links between military operations and the military. Popular purchase of the dollar by opposition to Idlib, told Al-Iqtisad Al-Youm, chairman of the Aleppo Chamber of Industry. ".

Shehabi was considered, August 31The increase in demand for the dollar is due to "the increase in the purchase of raw materials by manufacturers and traders with the gradual recovery of the economy and domestic production , and the strong demand from the group of terrorist opponents as the army advances to Idlib, "he said.

The Damascus Research and Studies Center (MADAD) estimated in May that the decline in the Syrian pound was down, and expected an improvement in the exchange rate during the next stage. because of the Syrian wheat harvest and the low import bill.

The Minister of Economy of the Syrian Government, Samer Hebron, explained the reason for the rise in the exchange rate of the Syrian pound against foreign currencies.

He told local newspaper "Al-Watan" on May 20 that the government, with the contribution of the Central Bank of Syria, had conducted a detailed in-depth study to analyze the root causes of the rate appreciation. currency exchange.

The study concluded, according to Hebron, that the fundamental reasons for this rise are not economic, but speculation and the existence of favorable conditions for speculators.

Medad attributed the current slowdown to "local demand for foreign exchange to finance certain commercial operations and the constant anticipation of military and security tensions in the north of the country (Idlib)".

The Center pointed out that the start of the Syrian wheat season would give more support to the Syrian pound, due to the lowering of the wheat import bill and hence the lower demand for the US dollar.

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