DAMASCUS: Syria’s nose-diving pound hit a new record low Saturday against the dollar on the black market, according to websites monitoring the exchange rate, as the country faces severe fuel shortages.
The Syrian economy has been battered by more than 11 years of war and crippling Western sanctions, pushing 90 percent of the population into poverty, according in order to the United Nations.
The particular exchange rate reached a lot more than 6, 000 Syrian pounds to the US dollar for the first time, the particular websites said, driving up the price associated with goods.
Syria’s official exchange price has stood at around 3, 015 pounds to the greenback since September — compared to 47 lbs to the dollar in 2011.
The unofficial rate means the currency is now worth almost 99 percent less on the dark market than the official rate before the particular start of the conflict.
An average monthly salary of 130, 500 Syrian pounds, according in order to figures reported in Syrian media, is now worth about $21.
Chronic fuel disadvantages in the war-torn nation have intensified in recent weeks, prompting the government to adopt austerity measures including temporarily instating a reduced working week in the public sector.
Syria’s sporting federation on Wednesday announced the suspension of “all sports activities… until the end of the particular year” due to the acute shortages.
Syria’s civil battle has killed nearly half a million people, displaced millions, fragmented the particular country and ravaged its economy plus infrastructure.

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