Syrian lira banknotes at the Commercial Bank of Syria in Damascus, on November 10, 2022. (Credit: LOUAI BESHARA/AFP via Getty Images).
BEIRUT — The Syrian Lira experienced a significant improvement in value in the past two months, reaching 9,800 SYP to the dollar on the black market, compared to the 13,200 SYP to the dollar set officially by the Central Bank of Syria (CBS). This marks an increase of 67 percent, compared to the night of Dec. 8, 2024, when the Syrian currency reached an all-time low of 30,000 SYP to the dollar, after opposition forces entered Damascus, subsequently toppling the Assad regime.“Black market rates usually surpass official exchange rates,” said economic and financial consultant Abdullah Ojeil, but this is not the case today. “If you try to exchange money anywhere across the country, the black market rate is 40 percent lower than the official one.”“And it’s worth noting that no banks nor money exchangers will currently trade at the official...
BEIRUT — The Syrian Lira experienced a significant improvement in value in the past two months, reaching 9,800 SYP to the dollar on the black market, compared to the 13,200 SYP to the dollar set officially by the Central Bank of Syria (CBS). This marks an increase of 67 percent, compared to the night of Dec. 8, 2024, when the Syrian currency reached an all-time low of 30,000 SYP to the dollar, after opposition forces entered Damascus, subsequently toppling the Assad regime.“Black market rates usually surpass official exchange rates,” said economic and financial consultant Abdullah Ojeil, but this is not the case today. “If you try to exchange money anywhere across the country, the black market rate is 40 percent lower than the official one.”“And it’s worth noting that no banks nor money exchangers will currently trade at...
