The Syrian pound has witnessed a notable rise after days of deterioration due to military operations in various regions of Syria.

According to the S-P Today website, as of Thursday, December 12, the selling price of the dollar in Damascus reached 15,000 Syrian pounds, while the buying price was 14,000 pounds.

The selling exchange rate for the US dollar in Damascus recorded 17,000 Syrian pounds, and the buying price was 16,000 pounds on December 9.

In Aleppo, the exchange rate was higher, with the selling price reaching 16,000 pounds and the buying price at 15,000 Syrian pounds for one dollar, after it surged during the “Deterrence of Aggression” operations to nearly 25,000 Syrian pounds in Aleppo.

The euro exchange rate in Damascus was recorded at a selling price of 15,761 pounds, while in Aleppo, it reached 17,812 Syrian pounds.

This improvement comes after opposition factions managed to overthrow the Syrian regime on December 8.

According to a bulletin from the Central Bank of Syria (CBS), on December 5, the value of buying the dollar was set at 13,600 pounds, with an average exchange rate of 13,668 Syrian pounds.

The Governor of the Central Bank of Syria announced that the bank was subjected to a pre-planned robbery, adding that the Military Operations Administration managed to recover part of the stolen funds on December 8.

However, on December 9, the bank sent a message to Syrians dealing with all operating banks, stating that their deposits and funds held with those banks are safe and have not, and will not, be subjected to any harm.

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 needed to defend its stability, making it difficult to withstand any shock, no matter how small, confirming 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 in the form of clear waves of increase, which means a decline 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 declined by 113.5% year-on-year during 2023, as the last six months of the year saw significant changes in the pound’s value.

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