ALBAWABA - Currency exchange workers in Damascus said the Syrian Lira has recovered significantly, trading between 11,500 and 12,500 versus the US dollar. The pound lost 270 times its value against the dollar between 2011 and 2023, which led to widespread inflation in Syria. The improved exchange rate comes after years of severe devaluation.
This change in the economy follows the entry of opposition troops into Damascus on December 8, which resulted in Bashar al-Assad's departure and the end of more than 50 years of his family's dominance. The economy was severely harmed by the Assad dictatorship, which was characterized by a protracted conflict and almost complete infrastructure collapse.
According to reports from international institutions such as the World Bank, United Nations, and International Monetary Fund, Syria's GDP decreased by over 85% between 2011 and 2023, reaching $9 billion. Forecasts suggest that the economy will continue to decline by 1.5% this year.
According to experts, the government shift may open the door for an economic revival supported by allies in the region like Turkey. After decades of state-run economic policy, Syria is anticipated to make a dramatic shift to a market-based economy.
The new government has notified business leaders of its plan to embrace a free-market model and reintegrate Syria into the international economy, according to Basil Al-Hamwi, president of the Damascus Chamber of Commerce. After years of unrest, this action marks a radical change intended to stabilize the country and rebuild its economy.
