The governor of the Central Bank of Syria, Abdulkader Husrieh, denied on Wednesday, 22 April, the validity of circulating reports that foreign currency remittances would be delivered exclusively in Syrian pounds, according to the Syrian Arab News Agency (SANA).
Exchange and remittance companies and offices circulated news on Wednesday stating that, starting today, remittances would not be delivered in US dollars or any other currency, but exclusively in Syrian pounds, at a Central Bank of Syria rate of 12,750 pounds per dollar in all exchange and remittance offices.
Until Wednesday, markets were experiencing confusion and unease because four exchange rates existed for the Syrian pound against the dollar, according to Enab Baladi’s monitoring.
Fuel was sold on Wednesday at an exchange rate of 13,200 Syrian pounds, while the remittance exchange rate was set at 12,750 Syrian pounds, and the dollar exchange rate at exchange companies was 12,850 Syrian pounds.
Meanwhile, the Central Bank of Syria continued to set the official exchange rate of the pound against the US dollar at 11,000 for selling and 11,100 for buying.
Dollar Exchange Rate Rises Against Pound
Syrian markets have witnessed a new wave of rising prices for basic goods and products since last week, coinciding with an increase in the dollar exchange rate on the black market.
The rate reached its highest level on Wednesday, 15 April, at 13,600 Syrian pounds, before falling below 12,900 pounds to the dollar and settling today at 13,050 Syrian pounds.
Enab Baladi correspondents monitored price differences between governorates, with a market exchange rate of about 13,000 Syrian pounds to the US dollar.
Quneitra (southern Syria) recorded relatively lower prices for some goods, with a kilogram of Egyptian rice at about 10,000 pounds, about $0.77, sugar at 8,000 pounds, about $0.62, and oil at 26,000 pounds, about $2.
In contrast, the price of chicken in Suwayda (southern Syria) rose to between 35,000 and 40,000 pounds per kilogram, about $2.69 to $3.08, compared with about 32,000 pounds, about $2.46, in both Damascus and Quneitra, while rice reached 12,000 pounds, about $0.92, and sugar about 8,500 pounds, about $0.65.
In Damascus, vegetable oil was recorded at 27,000 pounds, about $2.08, rice at about 11,500 pounds, about $0.88, while ghee reached 48,000 pounds, about $3.69, and pasta 12,000 pounds, about $0.92.
In Latakia (western Syria), vegetable oil was recorded at 27,000 pounds, about $2.08, rice at about 12,000 pounds, about $0.92, and sugar at about 8,500 pounds, about $0.65.
As for vegetables, tomato prices ranged between 10,000 and 18,000 pounds, about $0.77 to $1.38, depending on the type, while potatoes ranged between 6,000 and 10,000 pounds, about $0.46 to $0.77. Lemon prices reached 22,000 pounds, about $1.69, in some areas.
A comparison with previous data from March showed that prices of some basic goods, such as sugar and rice, remained at similar levels, with increases of 500 to 1,000 pounds, about $0.04 to $0.08, while other items, such as oil, recorded clearer increases, reflecting their direct link to the exchange rate.
By contrast, wider differences appeared in meat and vegetable prices, both in terms of increases and variation between governorates, pointing to the impact of local factors, such as transport costs and production availability, alongside the impact of the dollar.
Lower Production Raises Demand for Dollars
Economic expert Alaa Baladia attributed the rise in the dollar exchange rate to the continuous decline in local production, noting that the closure of industrial facilities, including some ceramics factories recently, pushes the market toward greater dependence on imports.
He explained that this dependence increases demand for foreign currency, since import operations are carried out in dollars, which is directly reflected in the exchange rate.
Baladia said the current rise in the dollar rate is “not sudden, but the cumulative result of weak production and dependence on imports,” expecting this trend to continue under the current economic conditions.
Liquidity Freeze And Its Temporary Effect
Baladia noted that exchange rate stability during previous periods was not the result of real economic improvement, but came because of a “liquidity freeze” policy that limited individuals’ ability to buy dollars.
He explained that restrictions on withdrawals and a reduction in the money supply in the market led to a temporary decline in demand for dollars, before demand gradually rose again with the return of liquidity, pushing the exchange rate upward once more.
The Syrian Central Bank announced in March 2025 that it had unified all exchange rate bulletins, including banks, exchange companies, customs, and monthly bulletins, into a single bulletin called the “official bulletin.”
At the time, the Central Bank said the step aimed to narrow the gap between the official rate and the unofficial market rate, curb speculation, and that the dollar exchange rate had been set based on economic variables.
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