The exchange rate of the Syrian pound against the US dollar stabilized on Thursday in parallel market transactions in Syrian cities, while it remained fixed at banks.
Major City Markets
- The exchange rate of the pound against the dollar in major Syrian urban centers – including Damascus – stabilized at 11,680 pounds for buying and 11,070 pounds for selling, which are Wednesday’s closing levels.
- The exchange rate of the pound in the city of (northeastern Syria) stabilized at 11,950 pounds for buying and 12,000 pounds for selling.
Pound Exchange Rate at Banks
- The Central Bank of Syria continued to fix the exchange rate of the pound against the dollar in bank transactions at 11,000 pounds for buying and 11,110 pounds for selling, while it continues to replace the new pound with the old one, thereby removing two zeros from the old currency.
- When calculating the exchange rate in the new currency, according to the Central Bank of Syria’s daily bulletin, the exchange rate of the new pound against the dollar is 110 pounds for buying and 111 pounds for selling.
The New Currency
The replacement of the new currency for the old one continues in banking institutions. All banks, including the central bank, continue to work on this matter throughout the week, within a 90-day deadline designated for the exchange according to the executive instructions issued in this regard.
Gold Prices in Syria
Gold prices in the Syrian market rose on Thursday by one thousand pounds (approximately $0.1) per gram of 21-karat gold.
According to the bulletin issued by the Goldsmiths Association, prices recorded the following levels:
- 21-karat gram: 18,600 pounds (approximately $1.6) for selling, and 18,000 pounds (approximately $1.5) for buying.
- 18-karat gram: 15,900 pounds (approximately $1.4) for selling, and 15,300 pounds (approximately $1.3) for buying.
New Syrian Pound
The New Syrian Pound is the official currency of Syria, introduced in 1947 to replace the Syrian pound that was pegged to the French franc. It was initially linked to the US dollar but has experienced significant devaluation due to prolonged economic instability and conflict within the country.
Syria
Syria is a country in the Middle East with a rich history as a cradle of civilization, home to ancient cities like Damascus, one of the world’s oldest continuously inhabited cities. Its territory has been part of numerous empires, including the Roman, Byzantine, and Ottoman, and features significant archaeological sites such as Palmyra and the Krak des Chevaliers castle. In recent history, the country has been profoundly affected by a complex and ongoing civil war that began in 2011.
Damascus
Damascus is the capital of Syria and one of the oldest continuously inhabited cities in the world, with a history spanning over 11,000 years. It has been a major cultural and commercial center, ruled by various empires including the Aramaeans, Romans, and Umayyads, who established it as the capital of the Islamic Caliphate in the 7th century. The city’s historic center, a UNESCO World Heritage Site, is renowned for landmarks like the Umayyad Mosque and the ancient Al-Hamidiyah Souq.
Central Bank of Syria
The Central Bank of Syria, headquartered in Damascus, was established in 1953 and serves as the country’s primary monetary authority. Its modern history has been heavily defined by its role in managing the economy through prolonged conflict, including international sanctions and significant currency devaluation.
Goldsmiths Association
The Goldsmiths Association is a professional body that historically represents goldsmiths, silversmiths, and jewellers, with origins often tracing back to medieval guilds in Europe. These associations were traditionally responsible for regulating craft standards, training apprentices, and protecting the trade’s interests. Today, they often function as societies promoting craftsmanship, heritage, and networking within the precious metals industry.
