Syria's pound hit a new low against the dollar on the black market Tuesday, according to websites monitoring the exchange rate, in the latest blow to the war-battered economy.
The exchange rate reached more than 5,000 Syrian pounds to the US dollar for the first time since the start of the conflict more than a decade ago, AFP reported citing the websites.
Syria's official exchange rate has stood at around 3,015 pounds to the greenback since September -- compared to 47 pounds to the dollar before the war.
The new unofficial rate means the currency is now worth almost 99 percent less on the black market than the official rate before the start of the conflict.
After years of war, Syria is suffering from a stifling economic crisis accompanied by a rise in the prices of basic materials, especially fuel.
According to analysts, the currency’s depreciation will continue as long as its causes persist.
Economist Ammar Youssef mentioned several reasons to AFP, including “people’s tendency to save in foreign currency,” as well as the “economic sanctions imposed on the Central Bank, which also impede the movement of exports.”
Damascus has often considered these sanctions a main reason for the continued deterioration in its economic situation.
The United Nations has stated that the majority of Syrians live below the poverty line, while the prices of goods have doubled across the country during the past year.
An estimated 12.4 million people -- about 60% of Syria’s population -– suffer from food insecurity, according to the UN World Food Program.
Syria is also recording a significant rise in inflation rates and shortage of fuel supplies, leading to power cuts of up to 20 hours a day.
