Syrian Pound attempts to make recovery after hitting all-time low

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almasdarnews.com

BEIRUT, LEBANON (8:30 A.M.) – The Syrian Pound has significantly improved over the last 24 hours after reaching an all-time low, Al-Watan reported on Wednesday morning.

According to Al-Watan, the Syrian Pound improved by more than 15 percent on Wednesday, reaching 850 SYP for every $1 (USD).

The markets yesterday witnessed a severe recession, so that a large number of economic and commercial activities and shops closed until the direction of the exchange rate clear.

The Board of Directors for the Damascus Chamber of Commerce Mohammed Hallak said that the instability of legislation is reflected in the instability of the exchange rate, explaining in a statement to Al-Watan that stability is leading to the survival of the production process as it is, stressing that what is required today is real partnership between business and government in order to raise confidence.

He added: “We have to be objective, any trader or industrial consumer of goods in his home, which confirms that the reflection of the depreciation of the exchange rate is negative by all standards because any industrial or trader has workers and employees to contribute to the productive process.

Earlier this week, the Syrian Pound hit an all-time exchange low when it hit 950 SYP for every $1 (USD).

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