By Alexander Jones, International Banker
“In a month, the US dollar appreciated about 13 percent against the Syrian pound,” Benjamin Fève, a researcher at the Syria Report, told the New Arab on October 11, as the Syrian pound dropped to a new low of SYP5,000 to the US dollar amid the continued devastation facing the debilitated Syrian economy. Prior to the outbreak of war in 2011, which has since ravaged much of the Arab nation, the pound was trading at less than SYP50 per dollar. “Of course, to this, you have to add the ever-deteriorating economic situation in Syria that continues to push down the value of the Syrian pound, which preceded the USD’s appreciation,” Fève added. But in a year of distinct transformation within the global geopolitical landscape, is there even a sliver of hope for a Syrian economic recovery?
The pound’s unprecedented weakness represents just one of many grim indicators that…
