Syrian Pound Drops 461% in Value

The Syrian pound continues to drop in value, hit by the ongoing war almost in its fourth year. On Monday, it traded at 217 SYP against the US dollar on the black market and 178 SYP at Syria’s central bank. With this latest decline, it has almost lost 461% of its value since the beginning of the Syrian revolution, when it was valued at 47 SYP against the US dollar. The exchange rate of the Syrian pound continues to plummet below the US dollar and other major currencies despite the continued pumping of US dollars by Syria’s Central Bank. Its decline was compounded by the lack of confidence in the Syrian economy, the decline of reserves of foreign currency, the depletion of natural resources of the country, cessation of production, imports and exports, the Assad regime’s and its cronies’ manipulation of the country’s economy, and an inflation rate as high as 250%. (Source: Syrian Coalition + Sada News)