The Central Bank of Syria announced a new devaluation of the Syrian pound against the US dollar and other major currencies in its official exchange bulletin on Thursday, marking the second adjustment in as many days and the third in roughly two months.
The updated bulletin sets the dollar’s buy rate at 118.5 new pounds (11,850 old pounds) and the sell rate at 119.5 new pounds (11,950 old pounds), compared with the previous range of 115.5–116.5 new pounds (11,550–11,650 old pounds). The euro’s average rate was revised to 135.20 new pounds (13,519.59 old pounds), up from 131.75 pounds (13,175.28 old pounds).
The central bank also narrowed the daily trading band from 15 percent to 9 percent.
The move follows the bank’s first devaluation on April 26, its initial adjustment since fixing the exchange rate on May 13, 2025.
Since March 2025, the central bank has introduced a series of monetary measures aimed at reducing the gap between the official and parallel-market rates. These steps have included a managed float, consolidation of exchange rate bulletins, and revised pricing margins.
The latest adjustment comes as the pound shows signs of recovery in the parallel market. The black-market rate for the US dollar hovered around 132 pounds (13,200 old pounds) on Thursday, strengthening from levels above 145 pounds (14,500 old pounds) in recent days.
Exchange Rate Unification: Background
On March 23, 2025, the Central Bank of Syria unified all exchange rate bulletins in an effort to limit the economic distortions caused by multiple pricing systems, reduce the spread between official and parallel rates, and curb speculative activity.
The decision merged all previous bulletins—including the official, banking and exchange, customs, and monthly bulletins—into a single “Official Bulletin.” The unified rate now applies to all domestic transactions requiring foreign-currency conversion, including commercial sales, purchases, and financial valuations.
At the time, the bank noted that buy, sell, and average rates in the Official Bulletin are determined according to prevailing market dynamics and macroeconomic indicators, and remain subject to adjustment based on liquidity conditions and supply-and-demand trends.
Licensed commercial banks and exchange bureaus were also granted flexibility to publish their own daily rates and transact within a central-bank-defined trading band, allowing them to price slightly above or below the benchmark rate.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
