Syrian central bank raises official exchange rate

Source: Xinhua | 2020-06-18

The Syrian Central Bank on Wednesday raised the official Syrian pound's exchange rate after remaining the same since March, according to state news agency SANA.

The official exchange rate was raised from 704 Syria pounds to the U.S. dollar to 1,256 Syrian pounds.

The measure aims to control the price of dollar in the black market, where the U.S. dollar is sold for more than 2,500 Syrian pounds.

It also aims to entice foreign transfers to the country using official channels.

The new exchange rate comes as new U.S. sanctions go into force this week.

Known as Caesar Act, the new set of sanctions aims to sanction the Syrian government, including President Bashar al-Assad, for its alleged "war crimes" against the Syrian people.

It also targets any entity that does business with the Syrian government.

The Syrian people have been complaining for worsening economic situation with soaring prices as a result of the devaluation of the Syrian pound against the dollar and the lack of measures to control the rapid slide of the currency.