Syria’s central bank devalues the Syrian pound giving in to weeks of depreciation on the black market as new US sanctions take effect.
The central bank raises the official exchange rate from 704 to 1,256 Syrian pounds to the dollar, in a statement published on its social media pages.
The previous rate has been in force since March.
Earlier this month, the war-torn country’s currency hit a record low on the black market of around 3,000 pounds to the dollar, sparking rare protests, before appreciating slightly after an apparent injection of dollars.
On Wednesday, the rate on the parallel market stood at around 2,600 to 2,800 pounds to the dollar, traders tell AFP.
The devaluation comes as the United States prepares to implement new sanctions this week under the Caesar Act, targeting foreigners doing business with the Damascus government, as well as reconstruction of the country.
— AFP
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