Syrian Pound Rises Against US Dollar After President Al-Sharaa Visits Saudi Arabia
The Syrian Pound (SYP) became stronger against the US dollar on Sunday after President Ahmad Al-Sharaa visited Saudi Arabia. This shows hope for Syria’s economy to improve.
Lira’s Rise
On Sunday, the US dollar lost about 7% of its value against the Syrian Pound, trading at around SYP 9,200 per dollar.
Last Thursday, the Syrian Pound was at SYP 10,000 after falling from SYP 11,000, following days of stability. Earlier, before Bashar Al-Assad was removed, it was at SYP 15,000.
The Syrian Pound strengthened on Sunday after a Syrian delegation visited Saudi Arabia. Traders felt hopeful about Syria’s economy improving with support from Arab countries, including Saudi Arabia.
Saudi Support
Al-Sharaa met Saudi Crown Prince Mohammed bin Salman to discuss relations between the two countries. Al-Sharaa led the Syrian delegation to Riyadh, along with Foreign Minister Asaad al-Shaibani.
During the meeting, they talked about Syria’s current situation, ways to improve security and stability, and how to strengthen ties. According to the Saudi Press Agency (SPA), Saudi Arabia wants to help Syria rebuild its economy after years of war.
In late January, Saudi Foreign Minister Prince Faisal bin Farhan visited Damascus. He held a press conference with his Syrian counterpart, saying Saudi Arabia is working with the US, Europe, and others to remove sanctions on Syria.
Bin Farhan stressed the need for investment and financial support in Syria. He said Saudi Arabia has already sent significant humanitarian aid and visited Syria to understand what people need most.
Economic Recovery
Syria’s economy has shrunk from $60 billion in 2010 to about $29.3 billion in 2024. GDP per person has also dropped from $2,800 to $1,600, according to Anadolu news agency.
Between 2011 and 2023, the Syrian Pound lost 270 times its value against the US dollar. Inflation rose to 64% in 2022, 141% in 2023, and is expected to reach 95.1% in 2024.
S&P Global Market Intelligence told Forbes Middle East in December that Syria’s economy has lost between $500 billion and $1 trillion over 13 years of war.
Published: 3rd February 2025
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