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Syria weakens official exchange rate

Tuesday, January 3, 2023
Syria weakens official exchange rate © Reuters. FILE PHOTO: Stacks of Syrian pounds are pictured inside an exchange currency shop in Azaz, Syria February 3, 2020. Picture taken February 3, 2020. REUTERS/Khalil Ashawi

DAMASCUS (Reuters) - Syria weakened its official exchange rate to 4,522 Syrian pounds to the dollar, a central bank statement said on Monday, while black market rates used for most economic activity sat around 6,500.

The official rate was previously set at 3,015.

An economic crisis in the country has been triggered by years of conflict, Western sanctions, a currency squeeze in part due to a financial meltdown in neighbouring Lebanon and the government's loss of its northeastern oil-producing territories.

The resulting collapse of the pound has driven up the price of goods and aggravated hardship as Syrians struggle to buy food, electricity and other basic items.

Fuel has become particularly scarce, forcing the government to further ration electricity and even shut down public buildings during weekdays.

The pound had traded at 47 to the dollar before protests against President Bashar al-Assad erupted in March 2011.

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24-03-2023 22:09:44 (UTC+7)

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EUR/USD

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 GBP/USD1.2226Neutral
 USD/JPY130.35↑ Sell
 AUD/USD0.6640↑ Sell
 USD/CAD1.3787Neutral
 EUR/JPY140.10↑ Sell
 EUR/CHF0.9873↑ Sell
 Gold1,996.95↑ Sell
 Silver23.503↑ Sell
 Copper4.0663↑ Sell
 Crude Oil WTI68.20↑ Sell
 Brent Oil74.03Sell
 Natural Gas2.181↑ Sell
 US Coffee C178.45Buy
 Euro Stoxx 504,120.95Neutral
 S&P 5003,920.13↑ Sell
 DAX14,910.05↑ Sell
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 Hang Seng19,915.68Sell
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 Siemens AG140.31↑ Buy
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Cập nhật 24-03-2023 22:09:46
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Cập nhật lúc 18:55:01 24/03/2023
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