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FinancialNews


  • 11-12-22

    Syrian pound reaches additional low on black market due to fuel crisis

    (MENAFN) Syria’s falling pound reached a fresh all-time worse on Saturday versus the greenback on the black market, as said by websites checking the selling price, as the nation deals with intensive fuel deficiencies.

    The Syrian economy has been impacted massively by over 11 years of conflict as well as increasing Western restrictions, forcing 90 percent of the citizens into poverty, as shown by the United Nations data.

    The trading price hit over 6,000 Syrian pounds to the US dollar for the initial time, the websites stated, triggering the price of goods to go higher.

    Syria’s official trading price has reached nearly 3,015 pounds to the dollar since September — in comparison with 47 pounds to the dollar 11 years ago.

    The unofficial price indicates that the currency is currently valued nearly 99 percent lower on the black market than the official rate that was set before the beginning of the war.

    An average monthly salary of 130,000 Syrian pounds, as shown by data issued in Syrian media, is currently valued at around USD21.

    MENAFN11122022000045014228ID1105294433

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