The value of the Syrian pound has recorded a notable decline today, Monday, December 2, following months of stability at a value of 14,700 pounds to the dollar.

According to the S-P Today website, the selling price of the dollar in Damascus reached 15,100 Syrian pounds, while the buying price was 15,000 pounds.

In Aleppo, where military operations have been ongoing for days, the exchange rate reached 17,500 Syrian pounds to the dollar, with a buying price of 17,000 pounds.

The selling price of the euro today in Damascus was 15,898 Syrian pounds and 17,886 in Aleppo, according to the specialized website for currency and gold prices in Syria.

The decline in the value of the pound follows months of stability, and despite expectations of being affected by the Israeli war on Lebanon, it remained stable until it dropped coinciding with the current military operations in northern Syria.

Since dawn last Wednesday, opposition factions announced the start of a military operation called “Deterrence of Aggression,” in response to the regime forces’ repeated shelling of areas in northwestern Syria, aimed at expanding “safe zones” in preparation for the return of displaced and uprooted people.

On Friday evening, the Military Operations Administration of the factions participating in the “Deterrence of Aggression” announced their entry into the city of Aleppo, asserting control over it and its international airport.

Additionally, factions in the countryside of Aleppo launched the “Dawn of Freedom” battle, through which they gained control of areas in the countryside of Aleppo, expanding the territory under the control of the opposition.

Unable to withstand shocks

According to a report issued by the Jusoor For Studies Center at the beginning of 2021, the Syrian pound lacks the resistance limits necessary to defend its stability, and it is difficult for it to withstand any shock, no matter how small, confirming that it is prone to rapid declines.

The report added that the effects of political and economic transformations on the exchange rate of the pound are often manifested as clear waves of increases, meaning a decrease in the value of the pound, making it difficult to determine the levels it could achieve.

The value of the Syrian pound against the US dollar has declined by 113.5% year-on-year during 2023, as significant changes in the value of the pound were witnessed over the last six months of the year.

The decline of the pound against the dollar in 2023 is the largest recorded in its history.