Official stability and decline in the black market

Today, Tuesday, January 7, 2025, the dollar exchange rate in Syria witnessed a decline on the black market, while it stabilized at its declared levels on the official market.

In the parallel market, the dollar in the capital, Damascus, recorded a price of 12,200 Syrian pounds for purchase and 12,500 Syrian pounds for sale. In the city of Aleppo, the price stabilized at the same levels, reaching 12,200 liras for purchase and 12,500 liras for sale.

As for Idlib, the exchange rate of the dollar reached 12,000 liras for purchase and 12,200 liras for sale, while the lowest price was in the eastern region (Al-Hasakah), where the dollar recorded 11,700 liras for purchase and 11,900 liras for sale.

In terms of other currencies on the black market, the euro exchange rate was set at 12,694 liras for purchase and 13,011 liras for sale. As for the Turkish lira, its price ranged between 343 liras for purchase and 354 liras for sale.

In the official market, the Central Bank of Syria announced a new reduction in the dollar exchange rate, setting the price at 13,000 liras for purchase and 13,130 liras for sale, bringing the average price to 13,065 liras per dollar. The Central Bank also set the euro exchange rate at 13,399.10 liras for purchase and 13,533.08 liras for sale, and the Turkish lira exchange rate at 367.53 liras for purchase and 371.20 liras for sale.

Since the fall of Bashar al-Assad, Syria has witnessed an exceptional situation in currency trading, as transactions have become dependent on three main currencies: the Syrian pound, the US dollar, and the Turkish lira, which has created a state of economic chaos, especially with the difference in trading patterns between the governorates, according to local newspapers. .

In Idlib Governorate, the Turkish lira is considered the main currency in circulation, and most merchants refuse to deal in the Syrian pound due to its lack of use and the lack of habit of carrying it among the population. However, its markets show a degree of discipline compared to other governorates, as exchange companies adhere to the official rates for both the Syrian and Turkish lira. With all three currencies readily available.

As for Aleppo, the scene is completely different, where mobile money changers and stall money changers are widespread, offering stacks of Syrian and Turkish pounds, but at exchange rates that are up to 15% lower than the official ones. Despite this, the population in Aleppo remains more attached to the Syrian pound due to habit and fear of large fluctuations in market prices.

In Damascus, conditions appear to be relatively more stable due to the presence of a larger number of official exchange companies, but the population still suffers from disparities in exchange rates, as they are usually lower than the official rates by up to 5%, and exchange companies and goldsmiths’ shops are the preferred destination for trading dollars and lira. Turkish because of its commitment to pricing.

While the residents of Idlib face difficulty in trading the Syrian pound despite the government’s encouragement of it, the circulation of the Turkish lira and the dollar remains more widespread. Despite government efforts to control the markets through daily currency pricing bulletins through the Central Bank of Syria, the absence of official statements about the fate of the Turkish lira’s circulation raises more uncertainty.