Today’s dollar price in Syria: An alternative proposal to the lira

The US dollar continued to decline in Syria today, Thursday, January 9, 2024, as its prices witnessed a decline on the black market in various cities.

In Damascus and Aleppo, the dollar recorded 11,000 liras for purchase and 11,300 liras for sale, while its price in Idlib reached about 10,800 liras for purchase and 11,200 liras for sale. In the eastern region, such as Al-Hasakah, the price of the dollar reached 11,000 liras for purchase and 11,200 liras for sale.

As for the price of the euro, it was set on the black market at 11,316 liras for purchase and 11,630 liras for sale, while the exchange rate of the Turkish lira reached 309 liras for purchase and 320 liras for sale.

On the other hand, the Syrian Central Bank set the dollar exchange rate in banks at 13,000 liras for purchase and 13,130 liras for sale, with an average price of 13,065 liras per dollar. The euro also recorded 13,399.10 liras for purchase and 13,533.08 liras for sale, while the price of the Turkish lira reached 367.53 liras for purchase and 371.20 liras for sale.

In a move aimed at reviving the deteriorating Syrian economy, the Syrian Center for Economic Research (SCER) proposed a draft law to adopt the digital currency “Bitcoin” as a legal currency in the country.

The center, known for its independence, seeks to study the possibility of integrating digital currencies into economic recovery plans, after years of a sharp decline in the gross domestic product and the significant collapse of the value of the Syrian pound.

According to World Bank reports, Syria’s gross domestic product has shrunk by more than 60% since 2010, which has worsened economic and living conditions.

With the overthrow of Bashar al-Assad’s regime and its flight to Russia, Syria began to take the path of gradual recovery, which prompted economic actors to think about innovative solutions, such as digital currencies, to stimulate economic growth and attract investments.

The project proposes to make “Bitcoin” a legal means of payment in Syria, with the aim of enhancing market freedom and encouraging electronic commerce, calling for the digitization of the Syrian pound (CBDC) using blockchain technology, while linking its value to strong assets such as the dollar and gold to ensure its stability.

The project also indicated that the low cost of electricity in Syria, which amounts to about $0.003 per kilowatt-hour, provides an ideal environment for mining cryptocurrencies, which provides great opportunities for local entrepreneurship. It also focuses on regulating the mining sector to avoid monopolies, while developing strategies to reduce the effects. Negative environmental effects resulting from energy use.

Despite the project’s great ambitions, there are major obstacles that may stand in the way of implementation, most notably the economic sanctions imposed on the country, which may hinder international financial transfers using digital currencies.

In addition, the project faces technical difficulties related to developing the infrastructure necessary to adopt blockchain, as well as accumulated government debts that further complicate the situation.

However, experts believe that adopting “Bitcoin” as a legal currency may open the door to new investment flows, especially from Syrian expatriates wishing to support their country’s economy, and may contribute to enhancing the stability of the Syrian currency by introducing unconventional financial solutions.