Exporters receive EGP 2.4 bn arrears as part of export support programme phase II    Egypt's PM heads to Libya for joint cooperation discussion    Arab League calls for strategic partnership with UN to establish regional stability    Layalina tent offers fancy Ramadan experience at ZED park    CBE issues new regulations for mobile wallet users    Egypt among few MENA economies to see positive growth during 2021– Fitch    'Either you are in, or you are out', FIFA's Infantino warns Super League clubs    Tottenham's sacking of Mourinho before Cup final 'crazy': Rooney    Manchester United greats Beckham, Cantona oppose Super League plans    European democracy can't be achieved in Egypt rapidly: French Ambassador    Photos: Egypt lights up Ramadan with traditional lanterns    Public investment reaches EGP 1.25trn in Egypt's 2021/22 budget: Planning Minister    US West prepares for possible 1st water shortage declaration    NASA's Mars helicopter takes flight, 1st for another planet    Egyptian Medical Syndicate urges quicker vaccination against COVID-19 for medical staff    Egypt security neutralises 3 terrorists involved in executing Christian in North Sinai    Egypt explains its position on GERD to African leaders    World can bring pandemic under control within months: WHO chief    US-Egypt Business Council urges Biden's administration to include Egypt in climate-focused discussions    Egypt studies possibility of locally manufacturing Sputnik V vaccine    Abu Dhabi's G42 forms big data JV with Israeli defence company Rafael    Firefighters battle to contain blaze on S.Africa's Table Mountain    Navalny must receive medical aid, EU tells Russia    Cairo International Film Festival unveils dates for 43rd edition    Rotterdam Film Festival announces June 2021 hybrid programme    Viola Davis named Hasty Pudding's Woman of Year    Valencia Development launches its 1st project at Egypt's NAC    Egypt's FM embarks on African tour to brief states on GERD updates    Ethiopia to commence 2nd Nile dam filling in July as Egypt, Sudan seek UN help    Egypt, Greece discuss bilateral relations, regional issues    In Photos: The dome of Al-Imam Al-Shafei Mosque inaugurated after restoration    Beni Suef diocese first to fully suspend Holy Week prayers over Covid concerns    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    'No Sweets': For Syrian refugees in Lebanon, a tough Ramadan    British University in Egypt provides wind turbines to generate electricity for Egyptian countryside    Egypt urges dissuading Ethiopia from taking unilateral action on GERD in letter to UNSC    10 emerging writers receive $50,000 Whiting Awards    J.K. Rowling children's story 'The Christmas Pig' out in October    Turkey to send delegation to Egypt in May, its foreign minister says    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    Egypt halts traditional amateur football tournaments during Ramadan    Al Ahly get ready for fierce league clash against Zamalek    Fans allowed at opening match of UEFA EURO 2020: Italy    Egypt sees an uptick in new coronavirus infections registers 801 new cases on Saturday    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Enhanced Labs signs Mr. Olympia 2020 "Big Ramy" And His Trainer Dennis James    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Syrian pound hits new low in contagion from neighboring Lebanon's currency crisis
Published in Ahram Online on 03 - 03 - 2021

The Syrian pound fell to a record low on the black market on Wednesday, hit by the ripple effect of currency woes in neighboring Lebanon with which it has extensive business and banking ties, dealers and bankers said.
Traders said it cost close to 4,000 to buy one dollar on the street on Wednesday after anxious dealers watched the Lebanese pound collapse to a new low of 10,000 to the dollar on Tuesday.
Two leading Damascus-based licensed exchange dealers said the Lebanese currency's fall dealt a psychological blow to dealers trading its Syrian counterpart, which had already witnessed a rapid declines in recent weeks.
It has fallen by around 40% this year alone.
"Businessmen and traders are fretting over fears of a free-fall in coming days and watching if unrest grows in Lebanon and its impact on dealings since Lebanon is our lifeline to the outside world," said one trader who requested anonymity.
Syrian investors and businessmen hold billions of dollars of deposits in Lebanon's crisis-hit banks, for years a safe haven for investors fleeing sanctions and tight government controls.
The Lebanese crisis has choked a major source of dollars for Syria, further hurting a currency suffering from years of Western sanctions and a devastating 10-year-old conflict.
The Syrian pound's last tumble happened last summer when it hit a psychological barrier of 3,000 to the dollar over fears that tougher U.S. sanctions would worsen the economy.
The pound's fall has hit business activity, with many merchants and trading firms reluctant to sell or buy in a country where many turn to dollar savings to preserve wealth.
A banker said adding to the pressures were state withdrawals of hard currency from already depleted reserves to pay for large multi-million dollar imports of commodities and fuel.
The authorities' reluctance to intervene to protect its foreign reserves weighed on the pound, he added. Further pressure comes from a sharp drop in remittances that are an important source of foreign currency from the tens of thousands of Syrians living in countries hit by COVID-19, he added.
The pound's collapse has driven up inflation and aggravated hardship as Syrians struggle to afford food, power and other basics. The pound had traded at 47 to the dollar before protests against President Bashar al-Assad erupted in March 2011.


Clic here to read the story from its source.