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Syrian pound hits new historic low

The exchange rate reached 8,000 Syrian pounds to the US dollar for the first time in a number of Syrian cities, with the opening of trading on Wednesday.

As of 12:40 before noon on Wednesday, and compared to the prices recorded at noon the previous day, the dollar jumped in both Damascus and Aleppo, 120 pounds, to become between 7,800 pounds for purchase and 7,900 pounds for sale.

The dollar recorded the same or close to these prices in Homs, Hama, Daraa and Sweida.

While the dollar rose in Latakia and Tartous to between 7,750 pounds in purchase and 7,850 pounds in sales.

Moving to Manbij, northeast of Aleppo, the $1 rose to between 7,850 pounds when buying and 7,950 pounds when selling.

While the dollar jumped in Idlib, 100 pounds, recording between 7,900 pounds of purchase and 8,000 pounds of sales.

The dollar recorded the same prices as the "Idlib dollar" in Afrin, Azaz, and al-Bab, as well as in Raqqa and Deir Ezzor, and in al-Hasakah and Qamishli.

Returning to Damascus, One euro rose 150 pounds, to become between 8,625 pounds for purchase and 8,725 pounds for sale.

The Turkish rose in Damascus, 6 Syrian pounds, to become between 397 Syrian pounds for purchase, and 407 Syrian pounds for sale.

While the Turkish one in Idlib increased by 5 Syrian pounds, to become between 402 Syrian pounds for purchase and 412 Syrian pounds for sale.

The exchange rate of the Turkish dollar against the dollar in Idlib ranged between 18.43 Turkish liras for purchase and 19.43 Turkish liras for sale.

For the second day in a row, the Central Bank of Syria raised the official price of selling "remittance dollars", 50 pounds, on Wednesday morning, to 7,400 pounds.

The Syrian economy has been battered by more than 12 years of war and crippling Western sanctions, pushing 90 percent of the population into poverty, according to the United Nations.

Syria’s official exchange rate has stood at around 7,015 pounds compared to 47 pounds to the dollar in 2011.

The unofficial rate means the currency is now worth almost 99 percent less on the black market than the official rate before the start of the conflict.

Syria’s civil war has killed nearly half a million people, displaced millions, fragmented the country and ravaged its economy and infrastructure. (With AFP)

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