{"id":16073,"date":"2023-01-03T15:16:05","date_gmt":"2023-01-03T15:16:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/syrian-central-bank-devalues-local-currency-by-nearly-50-economics-bitcoin-news\/"},"modified":"2023-01-03T15:16:05","modified_gmt":"2023-01-03T15:16:05","slug":"syrian-central-bank-devalues-local-currency-by-nearly-50-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/syrian-central-bank-devalues-local-currency-by-nearly-50-economics-bitcoin-news\/","title":{"rendered":"Syrian Central Bank Devalues Local Currency by Nearly 50% \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Syrian central bank recently announced the nearly 50% devaluation of the Syrian pound\u2019s exchange rate versus the greenback from 3,015 per dollar to 4,522 per dollar. The central bank also warned currency speculators that it will take steps to end activities that undermine the stability of the exchange rate.<\/strong><\/p>\n

Currency Collapse Worsens the Plight of Syrians<\/h2>\n

The Syrian central bank said on Jan. 2 that it has adjusted the official exchange rate from 3,015 pounds for every dollar, to 4,522. Yet, despite the nearly 50% devaluation, the new official exchange rate is reportedly still more than 40% higher than the parallel market rate of 6,500 pounds per dollar, a Reuters report has said.<\/p>\n

According to the report<\/a>, the collapse of the Syrian pound, which traded at 47 to the U.S. dollar before the 2011 protests against Bashar al-Assad\u2019s government, has seen the prices of goods go up. Rising prices have in turn worsened the plight of Syrian residents who have had to contend with shortages of basics like fuel and electricity.<\/p>\n

In addition to the ongoing civil war, Syria continues to reel from the effects of Western sanctions as well as the financial meltdown in neighboring Lebanon. The loss of oil-producing territories located in the country\u2019s northeast has worsened the government\u2019s financial situation.<\/p>\n

Warning to Speculators and Currency Manipulators<\/h2>\n

Meanwhile, in a statement<\/a> issued on Jan. 2, the Syrian central bank said it is prepared to take steps that would restore confidence in the local currency.<\/p>\n

\u201cThe Central Bank of Syria continues to monitor the stability of the exchange rate in the local market, take all possible means and measures to restore balance to the Syrian pound, and follow up and deal with all illegal operations that undermine the stability of the exchange rate,\u201d a statement on the central bank\u2019s website said.<\/p>\n

The bank also promised to intervene by taking steps that would help end speculative activities and the manipulation of foreign exchange markets.<\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below.<\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Mohammad Arar \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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