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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Syria Weakens Official Exchange Rate to 3,015 Pounds per US Dollar

Palestinian women sell their products at Damascus gate of Jerusalem's old city, 09 August 2022. (EPA)

Syria's central bank has weakened its official exchange rate to 3,015 Syrian pounds to the dollar, a central bank statement said on Monday, while black market rates used for most economic activity sat around 4,440.

The official rate was previously set at 2,814

Syria's economy, crippled by more than a decade of war, is increasingly dollarized as people try to protect themselves against currency depreciation and inflation.

The collapse of the pound has driven up the price of goods and aggravated hardship as Syrians struggle to buy food, electricity and other basics.

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