The Central Bank of Syria has introduced a new exchange rate for international organisations operating in Syria, allowing them to change dollars into pounds at a rate well above the official price.
There was panic in the Syrian foreign exchange market this week as the dollar climbed to nearly 1,000 pounds before retreating slightly.
Syria’s two stock exchange indices declined last month, reflecting investors’ negative perceptions of the economy’s prospects.
The assets of Syria’s private sector banking industry increased by 9.8 percent over the course of the first six months of this year but decreased in dollar terms due to the depreciation of the Syrian pound.
The dollar has crossed the 700-pound level in the Syrian foreign exchange market for the first time on record.
The average wealth of Syrians in 2019 stood at around a fifth of what it was in 2010, according to a report on the wealth of populations across the globe.
Despite listing three of the country’s largest companies over the past several months, total trading value in the Damascus bourse barely reached USD 1 million in October.
The US dollar has gained almost 5 percent in the space of a month in the Syrian foreign exchange market, a confirmation that the latest plan by the authorities to prop up their currency has failed.
The government is considering imposing a tax on cigarettes, of which Syria is among the highest per-capita consumers in the world, as a means to cover part of its health expenses bill.
Only a few days after ordering a freeze on the bank accounts of several prominent investors, the Central Bank of Syria reversed its decision, increasing uncertainty and making it very hard to understand its strategy.
THIS ARTICLE HAS BEEN UPDATED. READ IT IN ITS NEW VERSION HERE: More Pressure on Business Community as Central Bank Freezes Bank Accounts of Prominent Investors
The two indices of the Damascus Securities Exchange have posted their strongest monthly decline in years, a particularly significant change given the relatively large volume of trading.
The Central Bank of Syria is trying to push Syrian businessmen to hand over their dollars as part of its drive to curb the depreciation of its currency.
Syria’s gold market remains disrupted by tensions between goldsmiths and the Ministry of Finance, unstable prices and the spread of unmarked gold.
The Central Bank of Syria has issued a circular to local banks asking them to restrict credit facilities they grant to importers, an additional sign of the pressures faced by the economy.


Damascus International Fairground
Syria Pharma
Damascus International Fairground