Syrian Pound Declines Against the Dollar as Currency Exchange Process Begins

With the opening of the trading market on Sunday morning, the Syrian pound recorded a decline in its value against the U.S. dollar, coinciding with the actual start of the process of replacing the old currency with the new one announced by the Governor of the Central Bank of Syria a few days ago.

The First Deputy Governor of the Central Bank of Syria, Mukhles al-Nather, announced on Saturday evening the launch of currency exchange operations and the arrival of the new currency into citizens’ hands. In a tweet, he said that representatives of private banks and exchange companies flocked early in the morning to Central Bank branches in the governorates to receive the new Syrian pound.

According to circulating prices, the exchange rate of the dollar in Damascus, Aleppo, and Idlib reached 11,980 pounds for buying and 12,030 pounds for selling, while in al-Hasakah Governorate it recorded 11,800 pounds for buying and 12,000 pounds for selling, according to the pricing of the old Syrian currency.

In this context, North Press Agency monitored on Saturday evening the arrival of dozens of citizens at exchange shops in Damascus, aiming to exchange their savings for the new Syrian currency, amid anticipation of the impact of this step on the exchange market in the coming days.