Syrian central bank slashes exchange rate as currency pressure grows

The Central Bank of Syria has allowed a sharp drop in official rates

The Central Bank of Syria added flexibility to its exchange rate on May 10, allowing a sharp depreciation of the official rate in a move to relieve pressure on the Syrian pound and clamp down on black market trading.

The central bank forced exchange companies to set a rate of S£620 to the US dollar, state news agency Sana reported, a dramatic adjustment from the previous official rate of around S£220 to the dollar, and the S£47 to the dollar that held before civil war broke out in 2011.


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