Central Bank of Syria Raises Lira's Exchange Rate against Dollar

The Central Bank of Syria raised the exchange rate of the Syrian lira against the US dollar and other foreign currencies. 

This coincides with its decision issued Sunday to unify exchange rate bulletins to limit speculation on the Syrian currency.

The bank set the exchange rate of the Syrian lira against the dollar at approximately 12,000 Syrian liras for buying and 12.12,000 Syrian liras for selling, and also set a 5% margin of movement. The exchange rate against the dollar was recorded at approximately 13,200 Syrian liras yesterday.

The Central Bank of Syria announced last January that it had raised the exchange rate of the lira to 13,000 Syrian liras against the dollar, from 13,500 Syrian liras.

The exchange rate of the Syrian lira has witnessed a steady improvement against the dollar, after quickly returning to levels seen before the fall of the Bashar al-Assad regime. This was due to the lifting of strict restrictions on foreign currency trading and the gradual appreciation of the Syrian lira against foreign currencies by the Central Bank of Syria.

The euro exchange rate is 12,900 Syrian liras for sale and 13,100 Syrian liras for purchase, while the Turkish lira exchange rate is estimated at approximately 320 Syrian liras for purchase and 324 Syrian liras for sale.

Less than a month after assuming power, the new administration appointed Maysaa Sabreen as governor of the bank, making her the first woman to lead the Central Bank of Syria. One of her most notable decisions was to freeze all bank accounts of companies and individuals affiliated with the former regime and linked to it.

Unifying Syrian Exchange Rate Bulletins

This coincides with the Central Bank of Syria's announcement of the unification of exchange rate bulletins, with the aim of narrowing the gap between the exchange rates in the official and unofficial markets and limiting speculation.

The bank decided to unify all its bulletins (official, banking and exchange, customs, and monthly) into a single bulletin called the "Official Bulletin." This bulletin will apply to all transactions using the exchange rate of foreign currencies against the Syrian lira, including (buying, selling, and valuation), to which previous bulletins were applied.

Syrian markets have witnessed a state of chaos and instability due to the multiplicity of currencies in circulation, while the country faces a stifling economic crisis. Transactions in the Syrian lira, the US dollar, and the Turkish lira have become an essential part of daily life for Syrians, leading to significant price fluctuations and a growing sense of confusion among citizens.

The Central Bank clarified today that the exchange rate included in the official bulletin (buying, selling, and average) will be determined based on its study of the reality of exchange rate changes and the economic variables that determine them. This rate is subject to change according to market data and the supply and demand for foreign currency.

The Central Bank of Syria also decided to grant banks licensed to deal in foreign currency and exchange institutions flexibility in issuing their exchange rate bulletins, which they use with the public and citizens, according to the daily price movement margin determined by the Central Bank.

Earlier this month, the United Kingdom removed the Central Bank of Syria and 23 other entities from its list of sanctioned institutions. In January, the United States issued a temporary permit allowing transactions with Syrian state institutions. The European Union also partially suspended sanctions on some sectors, including energy and banking. However, neither side has fully lifted the restrictions.