Pumping large amounts of lira!
The exchange market in Syria witnessed a unification in the price of the US dollar, this morning, Thursday, January 16, 2025, in parallel transactions at the level of various cities. In the capital, Damascus, as well as in the cities of Aleppo, Idlib, and Al-Hasakah, the price of the dollar recorded 11,600 Syrian pounds for purchase and 11,800 Syrian pounds for sale, which reflects a state of price uniformity on the black market.
As for the euro, its price on the black market ranged between 11,939 liras for purchase and 12,150 liras for sale, while the price of the Turkish lira recorded 325 liras for purchase and 333 liras for sale.
The Syrian Central Bank set the exchange rate of the dollar against the Syrian pound in banks at 13,000 pounds for purchase and 13,130 pounds for sale, and the average price reached 13,065 pounds per dollar.
The exchange rate of the euro against the Syrian pound reached about 13,399.10 liras to purchase, and 13,533.08 liras for sale.
As for the Turkish lira, its price was recorded at 367.53 Syrian pounds for purchase, and 371.20 Syrian pounds for sale.
In recent days, the Syrian pound has witnessed a noticeable improvement in its value against the dollar, due to a series of economic factors and monetary policies followed by the Syrian government, according to economic experts.
Experts explained that banks and banks refrained from pumping large amounts of the lira into the markets, which prompted merchants and factory owners to sell the dollar to obtain the lira from the parallel market to cover their expenses.
The government also contributed to controlling limited quantities of the local currency to meet obligations related to paying the salary increase, which amounted to 400% as of February 2025, which led to an increase in demand for the lira on the part of the government, in exchange for an increase in the supply of the dollar in the market.
Another major factor that helped improve the value of the lira was the cessation of import operations and the anticipation of merchants and industrialists for the decisions and policies issued by the Central Bank and government agencies.
Recent developments, especially after the overthrow of Bashar al-Assad’s regime on the eighth of this month, indicate the country’s shift towards a free economy that depends on reducing state control over the means of production, which has raised hopes that the crossings and oil and gas wells will return to work in a way that will reflect positively on the economy.
One of the economic experts commented, saying: “The Syrian pound achieved rapid gains that we have not seen since 2011, and this is due to several reasons, the most important of which is the psychological factor… the hope of real economic construction has finally appeared on the horizon for everyone.”
