Syrian pound drops to record low

The Syrian pound, known locally as the lira, has hit a record low against the US dollar since the beginning of the country's civil war nine years ago.

The conflict has forced Syr living under strict sanctions to tighten their belts as the government of the war-torn country has stepped up economic measures to avoid foreign currency dealings, Efe news reported.

The economic obstacles in the capital Damascus and other government-held areas currently recovering from consequences of the ongoing multi-sided civil war have led Syr to support their local currency.

The Syrian pound in 2011 officially traded at 47 liras to the dollar, but it dropped to 1,000 liras to the dollar on the black market in recent days.

This collapse has resulted in a hike in commodity prices in local markets, which have been severely affected by financial problems in the neighbouring Lebanon.

Syr resorted to Lebanon to get dollars since it was practically impossible in their country due to sanctions imposed in 2011 by the US, European Union (EU) and Arab nations on bank transfers, the oil industry and political figures, including Syrian President Bashar al-Assad.

Lebanese banks have imposed restrictions preventing people from withdrawing more than $300 a week, in the wake of a lack of regulation by the Central Bank.

Additionally, Syr living in Lebanon can barely transfer money to their families back home due to restrictions in foreign currency imposed by the Lebanese banks.

An estimated 83 per cent of Syr live below the poverty line, with less than $100 per person monthly.

Although the Syrian government has retaken control of most of the rebel-held territories, the war is continuing in the northern Syrian provinces of Idlib and west Aleppo against anti-government militias.

A Syrian social media campaign "#our lira, our pride" emerged last week, encouraging sellers to offer products at low prices to recover the purchasing power of the lira before the conflict.

( With inputs from IANS )