The value of the Syrian pound has seen a slight improvement against foreign currencies after experiencing unprecedented declines due to military operations that lasted nearly 11 days in various regions of Syria.

On Monday, December 9, the selling price of the US dollar registered at 17,000 Syrian pounds, while the buying price was 16,000 Syrian pounds. This comes after it had stabilized at around 15,000 pounds before the fighting began on November 27 and soared in the past days to about 25,000 pounds in Aleppo.

Meanwhile, the selling price of the euro reached 17,954 Syrian pounds, and the buying price was 16,893, according to the S-P Today website, which specializes in tracking exchange rates and gold prices in Syria.

The decline in the value of the pound against foreign currencies has accelerated following months of stability at a rate of 14,700 pounds to the dollar.

According to a report issued by the Jusoor for Studies Center in early 2021, the Syrian pound lacks the necessary resistance to defend its stability, and it is difficult for it to withstand any shock, no matter how small, which confirms its susceptibility to rapid decline.

The report added that the effects of political and economic transformations on the exchange rate of the pound are often manifested in clear upward waves, meaning a drop in the value of the pound, which complicates the task of determining the levels it can achieve.

Economic researcher Khaled Turkawi explained that the difference in the exchange rate between Damascus and Aleppo last week was due to the high demand for the dollar and the Turkish lira, compared to a large supply of the Syrian pound, leading to its devaluation. Thus, in a market governed by supply and demand without regulation, this situation is considered normal.

Turkawi pointed out in an interview with Enab Baladi that the pound was already in a state of collapse, noting that the decline in its value is not easily influenced, emphasizing that the cessation of military operations is what halted the collapse further.

The value of the Syrian pound against the US dollar has declined by about 113.5% on an annual basis during 2023, as the last six months of the year witnessed significant changes in the pound’s value.

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