Syria devalued its national currency for the second time in two months
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Syria sharply devalued its national currency. The new official exchange rate fell to 6,650 Syrian pounds per US dollar, while it previously stood at 4,522 pounds per dollar. This is stated on the website of the country’s financial regulator.
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Currency devaluation
“The Central Bank of Syria issued Decree No. 144 on the approval of a new bulletin of exchange rates, according to which banks and exchange offices are allowed to receive the sums of incoming foreign money transfers and issue cash at an exchange rate close to the commercial price,” the Central Bank said in a letter Syria.
The document also reports that such a solution provides important advantages in addition to adjusting the price of money transfers and exchanges. In particular, it will simplify direct payment operations by banks and increase the exchange rate for incoming transfers through international payment systems such as Western Union.
Read also: Lebanon devalued the national currency by 10 times As a reminder
This is the second devaluation of the Syrian pound in the last two months. Last December, the exchange rate of the national currency of Syria was lowered from 3,015 pounds to 4,522 pounds per dollar.
Prior to this, the country’s exchange rate changed in mid-September — from 2,814 pounds to 3,015 pounds per US dollar.
Earlier, the new exchange rate of the national currency was announced in Lebanon.
Author: 
News feed editor Anna Nedogybchenko. She writes on the following topics: Finance, banks, economy, investments
Source: Ministry of Finance
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