Syrian Pound

Evolution of the SYP Exchange Rate

The Syrian Pound (SYP) exchange rate has experienced significant volatility over the years. Prior to the outbreak of the Syrian Civil War in 2011, the SYP was relatively stable, with an exchange rate of around 50 SYP per US dollar. However, since then, the value of the SYP has plummeted, reaching extraordinarily low levels. Currently, the exchange rate stands at around 1,250 SYP per US dollar.

Variations in the SYP Exchange Rate

The SYP exchange rate has witnessed extreme fluctuations due to various factors. The ongoing civil war, political instability, economic sanctions, and reduced investor confidence have all contributed to the depreciation of the SYP. Additionally, fluctuations in global oil prices have also had an impact on the SYP exchange rate.

Significance of SYP in the Global Economy

While the Syrian Pound is not a major global currency, its depreciation and volatility have had significant implications for the Syrian economy. The devaluation of the SYP has led to a surge in inflation, making imported goods more expensive and reducing the purchasing power of the Syrian population. Furthermore, it has become increasingly difficult for Syria to attract foreign investment, hindering economic growth and development.

Shocks Experienced by SYP and Correlation with Other Currencies

The SYP has experienced several shocks during the civil war, including economic sanctions and the destruction of infrastructure. As a result, the exchange rate has been highly correlated with the political and security situation in Syria. Additionally, the SYP exchange rate has been influenced by regional currencies such as the Turkish lira and the Jordanian dinar due to trade relationships and cross-border movements.