The Syrian pound is continuing its downward spiral and lost in the last week some five percent of its value relative to the dollar as the Government admits that its foreign currency reserves are now very low.
The appointment of a new governor at the Central Bank of Syria has coincided with a new increase of the value of the US dollar in the Syrian foreign exchange market.
The main index of the Damascus Securities Exchange remained mostly unchanged in July.
Bank Audi, Lebanon’s largest commercial bank, is changing the commercial name of it Syrian affiliate in an apparent bid to distance itself from the Syrian market.
ISIS has reportedly begun to mint and circulate its own currency while its revenues from oil are falling.
Syria’s customs revenues increased in the first half of this year as a consequence of the decline in the value of the pound relative to the dollar.
The volume and value of shares traded in the first half of this year in the Damascus Securities Exchange more than doubled compared to the same period of 2015.
The Central Bank of Syria has licensed a new foreign exchange company, the first in two years.
Banque Bemo Saudi Fransi, Syria’s largest private sector commercial bank, has announced the appointment of a new CEO.
The U.S. Government has blocked several properties located in New York and Washington, D.C. as well as millions of dollars owned by the Syrian Government, a recent report reveals.
Cash Shortage Strengthens Syrian Pound, Increases Speculators’ Profits and Erodes Confidence in Central Bank
The decision by the Central Bank of Syria 10 days ago to reduce the supply of Syrian pound liquidities has helped strengthen the value of the national currency but appears unsustainable in the medium and long-term.
The Damascus Securities Exchange posted in May its first monthly loss in the space of five months and saw a sharp decline in the value of shares traded.
The pound has strengthened significantly relative to the dollar in the past week and is now back to its level of the beginning of the year.
The US dollar crossed this week the 600-pound level in the Syrian currency market, which is increasingly slipping out of the control of the Central Bank.
Syria’s insurance market grew 23 percent last year, according to the industry’s regulator.
Damascus International Fairground
Bank Credit Guarantees
Damascus Chamber of Commerce