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Joshua M. Landis

Syrian Pound at 90 per Dollar as Government Intervenes

[Image from original article on Syria Comment]

 The Central Bank has managed to bring the Syrian pound back down into a manageable trading range. It had plunged to an exchange rate over 100 pounds to a dollar. It is now below 100 to a dollar. How did it do this?   Reports are that the central bank sold only 2 million dollars. Yes, only 2 million dollars in order to calm the market. One friend reported paying 113 pounds for a dollar in Aleppo on Wednesday 7 March. On Thursday morning, the pound had risen ...

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Syria’s Currency Plunges, Raising Fears of Economic Chaos and Poverty

[Image from Wikimedia commons]

The exchange rate of the Syrian pound has reportedly plunged to the 103 range against the dollar at mid-day Wednesday, 7 March 2012, in Damascus. This is a loss of over one hundred percent since the beginning of the uprising. Over the last month, the Syrian pound has begun to weaken significantly which has received little attention. The one hundred mark is an important psychological barrier. Syrian businessmen are taking large losses. Most rely on account receivables when ...

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Bio

Joshua M. Landis

Joshua M. Landis is Director of the Center for Middle East Studies and Associate Professor of Middle Eastern Studies at the University of Oklahoma. He writes “Syria Comment,” a daily newsletter on Syrian politics that attracts some 3,000 readers a day.