The value of the Syrian pound has improved against foreign currencies, following days of deterioration due to military operations that lasted for about 11 days in various parts of Syria.

The selling price of the US dollar reached 12,000 Syrian pounds, while the buying price was 11,000 Syrian pounds today, Saturday, December 14.

The selling price of the euro reached 12,600 Syrian pounds, and the buying price was 11,550 pounds, according to the S-P Today website, which specializes in tracking currency prices and gold in Syria.

The improvement comes after the exchange rate hit 27,000 Syrian pounds per dollar, two days after the “Deterrence of Aggression” operation launched by opposition factions on November 27.

Before the military operation, the Syrian pound had been stable for months at 14,700 pounds to the dollar.

With the opposition factions’ control over several cities and towns, up to the fall of the Syrian regime, and Bashar al-Assad’s escape to Moscow, the multiple currencies created confusion in the buying and selling situation, amid additional discrepancies left by traders fearing losses in their sales.

The head of the Syrian caretaker government, Mohammed al-Bashir, stated that the central bank’s coffers only contain the Syrian pound “which is worth nothing,” noting that there are no foreign currencies in it.

Regarding loans and bonds, he mentioned that the current government is still gathering data, describing the financial situation as “extremely bad.”

Al-Bashir indicated that the current government will remain until March 2025 only, adding, “The debts on Syria are enormous, but we have the experience of Idlib where we succeeded. Of course, the province is not like a state, but we can still improve the situation in Syria. It will take some time, but we will get there.”

The Syrian pound lacks the necessary resilience to defend its stability, making it difficult to withstand any shock, no matter how small, confirming its susceptibility to rapid decline, according to a report issued by the Jusoor for Studies Center in early 2021.

The impact of political and economic transformations on the exchange rate of the pound is often in the form of clear waves of increase, meaning a decline in the value of the pound, which makes it difficult to determine the levels it could achieve, according to the report.

The value of the Syrian pound against the US dollar has declined by 113.5% on an annual basis during 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.