The Central Bank of Syria announced in a statement on Monday: It lowered the official exchange rate to 3,015 pounds per dollar, while the black market price used in most economic activities was around 4,440 pounds.
The official price of the pound was 2,814 pounds per dollar before the reduction, and with the reduction made by the central bank today, the Syrian currency has lost about 7% of its value.
Syria’s economy, crippled by more than a decade of war, has become increasingly dependent on the dollar as people try to protect themselves against devaluation and inflation.
The collapse of the lira has led to an increase in commodity prices and exacerbated problems, while Syrians are struggling to buy food, electricity and other essential items.
The official exchange rate is used for official transactions and relatively limited exchanges conducted by the country.
Source: Lebanon Debate
