Syria: Syrian pound hits record low against US dollar

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Damascus residents reacted to the increase in the price of food and other commodities after the Syrian pound recorded its biggest decline in history on Sunday, reaching the 1,000 barrier against the US dollar.

Footage filmed on Tuesday at Souq al-Hamidia, one of the busiest markets in the Old City of Damascus, shows that despite the fall in the value of the Syrian pound, it was still business as usual with people buying and selling food, spices and other basic commodities. Many locals blame the weak currency on damage to the country’s industry and a series of US economic sanctions on Syria, saying “even if the dollar rate went down, the prices would remain as they are.”

“The solution is to set a plan for a production increase. Once the production is increased, it should be exchanged with the foreign currency at the same time, so that we can get revenues for this country,” said the owner of a shop at the market.

According to reports, currency offices were selling dollars on the black market for over 1,000 Syrian pounds for the first time, while the Syrian Central Bank reportedly posted on its website that the official rate of the Syrian pound was 434 to the US Dollar.

Video ID: 20200114-059

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