AMMAN – The Syrian lira has rapidly been losing value versus the Jordanian dinar over the past weeks, reaching 117 liras per JD1 record low on Thursday, money changers said.
In this undated photo, a money changer holds 1,000 Syrian pound banknotes, with the picture of late Syrian president Hafez Al Assad (Reuters file photo)
The Syrian currency has fallen by up to 50 per cent this week from 67 liras per JD1 before the unrest hit the northern neighbouring country nearly a year ago, according to currency exchange agencies.
Mohammad Otoum, manager at Alawneh exchange agency, told The Jordan Times that the value of Syrian lira is dropping sharply and rapidly, indicating that only a month ago its exchange rate was 85 liras per JD1.
“The value of the lira is deteriorating everyday and there is slight demand for the currency,” he said, pointing out that money changers buy the lira at a rate of 140 liras per JD1 and sell at 117 per JD1.
Jihad Ahmad, from another money changing firm in Amman, attributed the relatively large margin between the purchase price and the selling price to exchange rate volatility.
… meaning that all imported goods will be much more expensive for the Syrian public. Luckily Syria produces a lot internally, thanks to long-standing sanctions. Still, the deterioration of the currency will hurt the poor. (a similar situation exists in Iran).