Why does the Syrian pound keep hitting new lows?
In this file photo, a Jordanian money changer exchanges currency for customers during their travel to Syria, at Jordan's Jaber border crossing, near Syria's Nassib checkpoint, near Mafraq, Jordan, October 25, 2018.
Ever since, Syria’s national currency has showed a more than a 10 percent slide, with $1 costing as much as 1,020 Syrian pounds, while it was traded at 47 to the dollar before the war began in 2011.The killing of Soleimani and its regional fallout isn't the only reason behind the fall of the Syrian pound, which has kept crumbling as the Syrian war progressed over the past nine years.
However, by having its varying sectors, including the oil industry, banking, some companies and individuals including Assad and his relatives targeted, the Syrian regime became increasingly dependent on Iran, its ally in its war along with Russia.hundreds of millions of dollars in the country’s reserves, according to Reuters citing bankers familiar with the Syrian sector.
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