Markets in Syria are witnessing a very large recession movement due to the depreciation of the Syrian pound against the US dollar.
In an unprecedented case, the exchange rate of the Syrian pound against the US dollar on Monday exceeded 1015 Syrian pounds, according to the exchange rates in some Syrian governorates.
He attributed a Syrian economic expert in statements to German News Agency (DPA): "The depreciation of the lira and the American dollar exceeding the barrier of one thousand Syrian pounds, due to the lack of domestic product in addition to Lebanon's events and economic sanctions on Syria."
The economist, who asked not to be named, stressed, "What we were warning of was that the exchange rate of the dollar exceeded one thousand pounds, but the most difficult question is: What then? Does the dollar continue to rise and the Syrian pound is declining? And to what amount it reaches? Especially since the majority of the people depend on Salaries they receive in Syrian pounds if the average salary of an employee before 2011 is about 25 thousand Syrian pounds, equivalent to 500 US dollars, and today the average salary ranges between 50 to 80 dollars.
It is noteworthy that the US dollar exchange according to the bulletin of the Syrian Central Bank is still fixed at 436 pounds.
To that, the markets of the capital, Damascus, and the general Syrian cities witnessed a great stalemate yesterday, as some commercial stores closed their doors due to the rise of the US dollar and its surpassing one thousand Syrian pounds.
"Since morning, no customer (buyer) has entered the store," said one of the owners of commercial shops specialized in selling clothes in Al-Salihiya neighborhood, the most famous neighborhood in the capital, Damascus. This is the case for most commercial cases. The clothing is no longer the priority, but rather the most important is food security.
He added, "We were expecting a big movement at the beginning of the new year, but the rise in the price of the dollar led to a rise in the prices of clothes significantly compared to the exchange rate."
In the Damascus field, the most prominent of the popular markets, Ramiz Ahmed, who works in a private company, said: “Some shops in the field, Jaramana, and others closed their doors due to the high dollar exchange rate, and any commercial place you enter into it calculates the value of the goods based on the dollar’s exchange rate, and any commodity Selling it today may lose its price tomorrow in light of the dollar's rise.
"Some shops closed their doors on the pretext of the cold wave, but in reality they want to keep their goods, perhaps at a higher price tomorrow," Ahmed added.
Along with the rise in the exchange rate of the US dollar, the value of gold has risen in the Syrian market.
"The price of a gram of 21 carat gold, according to the goldsmithing committee, is about 41 thousand Syrian pounds, which is equivalent to 42 dollars," said Shadi, who works in a jewelry store in Damascus countryside, pointing out that three days ago, no gold was bought or bought.
He pointed out that "whoever has gold coins and wants to sell them and follows the movement of price rises, is waiting until they reach a higher price than they are today."