Ella 
In a tumultuous year for the Syrian economy, the Syrian pound has experienced an unprecedented decline, reaching a staggering 113.5% against the US dollar on an annual basis in 2023. This marks the most significant devaluation in the history of the Syrian pound, with the last six months witnessing substantial fluctuations.
July 2023 saw the pound’s most substantial monthly decline, plummeting over 37% from an initial exchange rate of 9,025 Syrian pounds against the dollar to 12,400 pounds by month-end.
As of Monday, December 25, the selling price of the dollar stands at 14,200 Syrian pounds, a stark contrast to the beginning of the year when it was valued at 6,650 pounds, according to S-P Today, a website specializing in monitoring the Syrian pound’s exchange rates.
This drastic 113.5% devaluation over the year has left a tangible impact on the lives of Syrians, particularly in regions heavily reliant on the pound, as daily essentials experience almost constant price hikes.
The lowest point for the Syrian pound against the dollar in 2023 occurred on August 16th, reaching 15,500 pounds, just a day after a 100% monthly salary increase was announced, bringing the minimum salary to approximately $13.3 at that exchange rate.
This salary raise led to a surge in demand for basic necessities, contributing to an average cost of living surpassing 10.3 million Syrian pounds, while the minimum cost of living increased to around six and a half million pounds, as per the Kassioun Index.
On the official front, the Central Bank of Syria (CBS) reported a staggering 180.8% decline in the Syrian pound’s value in its bulletins as of December 23. The exchange rate, which stood at 4,522 Syrian pounds at the beginning of the year, escalated to 12,700 pounds according to the latest bulletin issued on December 21.
The World Food Programme (WFP) disclosed in a report that the food basket price in Syria surged by 100% in the first nine months of 2023, tripling the previous year’s figures. In September, the food basket cost rose to 938,000 Syrian pounds, equivalent to $67, based on the black market exchange rate at the time.
External remittances, crucial for many Syrian families, have also been impacted by the economic downturn, as Syrians abroad contend with high inflation rates in host countries. This has forced some to reduce the value of monthly remittances sent to their families.
Economic researcher Mohammad al-Abdullah from the Omran Center for Strategic Studies expressed concerns about the deteriorating Syrian economy. Wages, he noted, fall significantly below the necessary minimum amidst rampant inflation and a substantial decline in the pound against foreign currencies. Al-Abdullah emphasized that any salary increases would only cover a fraction of citizens’ needs, leading the government to resort to “palliative” measures such as grants for employees and retirees to mitigate discontent.
