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Ten bags of money convert to 1 dollar, inflation reaches record levels in Syria

2024-12-19 17:43:42Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Ten bags of money convert to 1 dollar, inflation reaches record levels in Syria
Ten bags of money convert to 1 dollar, inflation reaches record levels in Syria

Several images published by German media outlet BILD show Syrians with black bags and sacks full of money, attempting to send them to the country's banks.

This popular movement is happening after inflation has reached record levels, never seen before, in Syria, which has just emerged from the 50-year regime of the Assad family.

The Syrian national currency has depreciated to a point where monthly income, according to the BILD newspaper, is only enough to buy 20 liters of gasoline or 10 loaves of bread.

Ten bags of money convert to 1 dollar, inflation reaches record levels in Syria

To preserve what is left of their savings, citizens are rushing to actively convert Syrian pounds into foreign currencies, mainly dollars and euros.

The exchange rate is said to be catastrophic, as approximately 10 kilograms of Bashar al-Assad's banknotes are worth only 1 US dollar.

Ten bags of money convert to 1 dollar, inflation reaches record levels in Syria

It must be said that the future leadership of the rebels faces a major challenge, such as stabilizing the economy, mobilizing international aid, and restoring confidence in the local lira.

To what extent and in what timeframe this task can be achieved is difficult to predict given the still unclear balance of power.

Since there is little hope for improvement in the short term, many continue to convert money into foreign currencies, although the exchange rate against the US dollar is extremely low, as 1,000 Syrian pounds are officially worth only 7 to 8 US cents.

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