The value of the Syrian pound decreased against foreign currencies in the province of Aleppo significantly over the past 24 hours, as it broke the barrier of 22,000 Syrian pounds to the dollar for the first time in its history.
According to the S-P Today website, the selling exchange rate of the US dollar in Aleppo today, Tuesday, December 3, recorded 23,000 Syrian pounds, while the buying rate was 21,000 Syrian pounds.
In Damascus, the selling exchange rate of the US dollar reached 15,200 Syrian pounds, with a buying rate of 15,000 Syrian pounds.
The decline in the value of the pound against foreign currencies has accelerated after months of stability, which had seen the rate at 14,700 pounds to the dollar, particularly in the province of Aleppo where military operations have been ongoing for days. Despite expectations of being affected by the Israeli war on Lebanon, it remained stable until it dropped in tandem with the military operations in northern Syria.
Since early 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, aiming to expand the “safe areas” to facilitate the return of displaced persons.
On Friday evening, the Military Operations Administration of the factions participating in the “Deterrence of Aggression” operation announced their entry into the city of Aleppo, before establishing control over it and its international airport.
Also, factions in the countryside of Aleppo began the “Dawn of Freedom” battle, through which they controlled areas in the Aleppo countryside, thus expanding the regions that came under the opposition’s control.
Cannot withstand shocks
According to a report issued by the Jusoor for Studies Center at the beginning of 2021, the Syrian pound lacks the necessary resilience to defend its stability, making it difficult to withstand any shock, no matter how small, which confirms its susceptibility to rapid decline.
The report added that the impact of political and economic shifts on the exchange rate of the pound often appears in the form of clear upward waves, meaning a decline in the value of the pound, which makes it difficult to determine the levels that could be achieved.
The value of the Syrian pound against the US dollar declined by 113.5% year-on-year in 2023, as the last six months of the year witnessed significant changes in the value of the pound.
The decline of the pound against the dollar in 2023 is the largest recorded in its history.