The Syrian pound recorded a record decline on the black market, on Saturday, to cross the threshold of 2,300 pounds against the dollar.
While the official exchange rate equals 700 pounds to the dollar, the lira has been experiencing an unprecedented decline for days, three traders in Damascus confirmed that the dollar exchange rate on the black market exceeded 2300 pounds today, Saturday, for the first time in its history.
Informed sources indicated that fears of the repercussions of the start of the implementation of the Caesar law on June 17, which imposes sanctions on those cooperating with Damascus, is an additional reason for the devaluation of the lira.
Zaki Mahchi, economist and researcher at Cham House, said: “Foreign companies, including the Russian ones, have chosen mainly not to risk.” He drew attention to “the transfer of funds needs two to three weeks, which means that the transfers that take place today will be paid after June 17”.
Mahshi warned that the depreciation of the lira and the resulting increase in prices will have “catastrophic” repercussions for the Syrians.
Haikou Weimen, director of the Syria Program at the International Crisis Group, expected that with the entry into force of sanctions, “dealing with Syria will become more difficult and risky.”
He said: “The crisis of Rami Makhlouf, who owns the largest telecommunications company in Syria and whom the authorities recently prevented from traveling and withheld precautions on his money, frightens the wealthy, who now feel that no one is safe.”