The Syrian Pound Exchange: A Nightmare for Syrians
The Syrian society anxiously follows the dramatic depreciation in the exchange rate of the Syrian Pound relative to the USD, foreign currencies, and precious metals.
Lately, the Syrians were traumatized when the value of the Syrian Pound suffered yet another dramatic decline falling to a rate as low as 690 SP for 1 USD in Damascus, with a slight variance range in the other Syrian cities.
The Syrian citizen stress fully anticipates the consequences of this depreciation in his everyday life, especially that it coincides with the beginning of the academic year imposing further expenses, which threaten to exhaust the household budget as a result of the inflation affecting the price of school supplies.
Caught in a cloud of divergent opinions ranging between optimistic expectations of the recovery of the Syrian Pound and cautionary advice warning from further fall in the purchasing value of the Syrian Pound and consequent inflation in the prices of the main goods and fuel, the Syrians await for the winter in fear and agitation, especially in regions where the climate is harsh.
Syrian families living below the poverty line suffered the most. Even before this inflation crisis, these families were barely able to provide essential life necessities like food, clothing, residence, and primary health care that ensure a decent living.
In conclusion, no matter what are the reasons behind the Syrian currency’s exchange rate overbalance, the weakest link in this dilemma is the Syrian individual in Syria, who lives under tremendous stress cautiously watching the exchange rate of the Syrian Pound and worrying about the future of his livelihood.