The rise of the dollar seems unstoppable in the Syrian currency market as it crossed today the 330 pound level for the first time on record.
Only a quarter of the listed stocks in the Damascus Securities Exchange were traded this week.
The value of the U.S. dollar increased again in the Syrian foreign exchange market last week.
Syrians were the fourth largest foreign investors in the Dubai Financial Market in the first half of this year.
More than two thirds of the listed stocks in the Damascus Securities Exchange didn’t attract any transaction this week.
The Syrian Pound has lost further ground to the dollar in the last week and is now trading at above 320 per dollar.
Several large transactions on United Insurance stock lifted the overall value of the trading in the Damascus Securities Exchange last week.
Syria’s stock market index was almost unchanged last week and closed at 1,206.44.
After remaining relatively stable at around 300 pounds for the last two months, the dollar has gained some three percent in the last week in the Syrian foreign exchange market.
Only SYP 7.3 million worth of stocks were traded in the Damascus Securities Exchange last week.
In order to encourage taxpayers to pay their dues, the Government has decided to cancel penalties and interest fees on late payments.
Syria’s main index shed 0.4 percent in the last two weeks closing at 1,209.87 on Thursday, August 6.
Syria’s stock market index gained more than one percent last week amid low trading volumes.
Last week, Syria’s stock index closed above the 1,200 level for the first time in more than a month, while the value of trading was among the lowest on record.
The annual shareholders meetings of Syria’s commercial banks have seen some changes in their management and boards.
Damascus International Fairground
Dama Rose Hotel