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A sharp drop in the Syrian pound, and stores are closed

2019-12-07T07:23:23.505Z



Markets in Syria are witnessing a noticeable weakness in the movement of buying and selling, with the exchange rate of the local currency tumbling this month against the dollar to about one thousand pounds.

The sharp depreciation coincides with the worsening poverty problem and lack of employment opportunities. Within a few weeks, the dollar exchange rate more than doubled against the lira.

The central bank in Damascus was unable to find solutions to the exchange rate crisis due to its lack of foreign exchange and the erosion of its reserves over the past nine years.

The rate of inflation - according to economic indicators - has been worsening since 2011 until it reached the level of 1200%.

The fall of the lira exchange rate has led to a major crisis for families and merchants alike in the north of the country, as some stores have been forced to close their doors due to the sharp fluctuation in exchange rates that vary from moment to moment.

And citizens are living in a state of austerity, which has put them under the extreme poverty line according to international standards, while studies indicate that the unemployment rate is 80%.

Source: aljazeera

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