Syria is on the verge of economic collapse ...Kuwait

Last month, the Syrian Pound (SYP) hit a historic low on the black market. Faced with inflation and economic stagnation, the Central Bank of Syria devalued the official exchange rate in July for the third time in 2023, from SYP 6,532 to SYP 8,542 to the US dollar. Since then, the currency has depreciated further, currently trading at SYP 13,000 to the dollar. The depreciation triggered a panic in local markets, with prices rising on all types of essential products, from food to fuel, as economic actors pegged prices to the black market to maintain profits. In response to skyrocketing prices, shopkeepers from Latakia to Suweida were forced to close their establishments

Hence then, the article about syria is on the verge of economic collapse was published today ( Tuesday 15/08/2023 - 05:29 PM ) and is available on The New Arab ( Kuwait ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.

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Last updated : 15 August 2023 clock 05:29 PM

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Syria is on the verge of economic collapse ...Kuwait

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