Syrian Lira Hit Lowest Level against Dollar

The Syrian lira hit its lowest level in the parallel market on Wednesday, trading more than 11,000 against the dollar, according to electronic applications used to track the value of the currency.

The central bank, on Tuesday, lowered the official rate of withdrawing foreign currency cash transfers to 9,900 liras to the dollar, marking a major collapse since the beginning of the year, when the parallel market price was hovering around 6,500 and the conversion rate was 4522. 

The lira traded at 47 against the dollar before protests against President Bashar al-Assad erupted in March

Since then, conflict, Western sanctions and currency pressure linked to the financial collapse of neighbouring Lebanon and the government’s loss of its oil-producing lands in the northeast have led to an economic collapse.

The collapse caused by the lira has pushed up commodity prices and exacerbated difficulties as Syrians struggle to buy food, electricity and other basic materials.