Six years ago, the exchange rate for $100 was 5,000 Syrian pounds
but now it is 55,000 Syrian pounds
Given the devastation that the economy has suffered, the Syrian pound
has witnessed sudden price fluctuations against foreign currencies, and was bound to suffer even more as the most recent escalation added to existing woes.
The Syrian pound
has depreciated significantly against foreign currencies since the conflict broke out three years ago, when the pound traded at around 50 to the dollar.
Al-Halqi, chairing a meeting for a committee on drawing the economic policies in the country, pointed out to the importance of unveiling all manipulators and those who are involved in the attempts to destabilize the Syrian pound
and the traffickers of the crisis.
AFP quoted a trader as saying, "The dollar was being exchanged on Tuesday at 115 to 123 Syrian pounds
, while it was worth more than 160 pounds last week.
Indeed, since 80 per cent of the government's budget of about 600 billion Syrian pounds
in 2009 was raised from taxes -- with the rest generated from oil revenues -- and given current conditions, it must be assumed that tax collection was either frozen or in abeyance.
Few banks are willing to sell scarce foreign currency, for which demand grows as the Syrian pound
weakens, and bazaar-based currency traders selling dollars in the central markets of Damascus have profited from panic buying.
In past months, the Syrian pound
has faltered, and the country's two major sources of revenue, tourism, and oil have been crippled by sanctions.
supports the Syrian Pound
(SYP) which in turn stabilizes the Syrian financial
It does not allow the conversion of Argentinean peso, Brazilian, Danish kroner, Indian rupee, Malaysian ringgit, Mexican new peso, New Zealand dollar, Norwegian kroner, Pakistani rupee, South African rand, Swedish kroner, Syrian pound
, (New) Taiwan dollar, and Venezuelan bolivar.
He highlighted also the role of the Syrian expatriates in Russian and elsewhere in the world inassisting the people inside Syria and supporting the national economy through sending humanitarianand relief aid and launching campaigns to support the Syrian pound
Controls on the foreign exchange were also relaxed and introduced new unified exchange rate for the Syrian Pound