Exchange Rate Of Syrian Pound To Us Dollar
Introduction
Syria is a country in the Middle East that has been in the midst of a civil war since 2011. The conflict has had a significant impact on the country's economy, including its currency, the Syrian pound (SYP). In this article, we will discuss the exchange rate of the Syrian pound to the US dollar (USD).
Historical Exchange Rate
Before the conflict, the exchange rate of the Syrian pound to the US dollar was relatively stable, with an average rate of SYP 47.5 to USD 1. However, since the start of the conflict, the value of the Syrian pound has significantly decreased, and the exchange rate has become much more volatile.
As of August 2021, the exchange rate is around SYP 2,500 to USD 1. This means that one US dollar is equal to approximately 2,500 Syrian pounds. However, it is important to note that the exchange rate is subject to change, and the value of the Syrian pound is highly unstable.
Factors Affecting the Exchange Rate
Several factors have contributed to the significant decrease in the value of the Syrian pound, including:
- The ongoing civil war and political instability in the country
- The imposition of economic sanctions by the international community
- The decrease in oil exports, which were a significant source of revenue for the country
All of these factors have contributed to the devaluation of the Syrian pound and the volatility of the exchange rate.
Impact on the Syrian Economy
The devaluation of the Syrian pound has had a significant impact on the country's economy. It has led to high inflation, which has made it difficult for people to afford basic goods and services. The cost of living has increased significantly, and many people are struggling to make ends meet.
Moreover, the devaluation of the Syrian pound has made it difficult for businesses to operate. Many businesses have had to close down due to the high cost of importing goods and the difficulty of obtaining foreign currency.
Conclusion
The exchange rate of the Syrian pound to the US dollar is highly volatile and subject to change. The ongoing civil war, economic sanctions, and the decrease in oil exports have all contributed to the devaluation of the Syrian pound. The impact of the devaluation has been significant, leading to high inflation and making it difficult for businesses and individuals to operate.