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New prices for the dollar in Syria during the month of Ramadan

The two chambers of commerce in Damascus announced that exchange companies would sell dollars to merchants and industrialists at gradually declining prices during the month of Ramadan.

The two chambers published an announcement by two exchange companies about forward sales of the dollar, according to three tranches during the month of Ramadan, each of which is 10 days long.

According to the announcement, the exchange rate during the first decimal days (from 1 to 10 Ramadan) is 3250 pounds, and the price drops to 3100 pounds in the second decimal (from 11 to 20), to reach 2900 pounds in the last decade of the month.

The announcement stipulated that the sale be fixed according to the three segments during the period from 1 to 5 Ramadan.

It is noteworthy that the Damascus Chamber of Commerce announced on the 7th of this month the sale of the forward dollar at a price of 3375 Syrian pounds, and delivery from one to ten days. She noted that “the priority is to cover food and pharmaceutical imports.”

Although no official announcement was issued by the central bank in the country, the chambers of commerce cannot trade at any unofficial price unless they obtain prior approval, as Decree No. 3 of 2020 punishes anyone who trades in a currency other than the Syrian pound outside the official channels and the price. The official of the Central Bank of Syria, which is still set at 1256 pounds per dollar.

The dollar exchange rate has been declining continuously for days on the black market, but it is still equivalent to twice the officially specified price.


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