Syrian pound collapses by 100% against US dollar

The Syrian pound has collapsed by 100 percent against the US dollar. According to the official rate set by the Central Bank of Syria, the dollar exchange rate now makes up 2,512 pounds for $1. 

Before that, it was equal to 1,256 pounds for $1, SANA news agency reports. This rate has not changed since June last year.

Earlier, Syrian President Bashar al-Assad dismissed the chairman of the Central Bank, Hazem Karful, who held this post since September 2018.

On April 12, 2021, the Syrian president also signed a decree on price containment and consumer protection. The decree provides for a number of measures to regulate market trade with increased control over the sale and quality of food products.

It is expected that the Syrian authorities will implement severe measures to punish for price manipulations, unauthorized sales and fraud. Perpetrators will face arrests and heavy fines. 

Food prices in Syria have risen by 33 percent lately, having thus sent bout 90 percent of the population below the poverty line.