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Aug 21, 2022

Update: Black Market and UN Exchange Rates

As shown in my black market tracker, the Syrian lira (pound) has depreciated by nearly 30% over the past 12 months, making importing from abroad harder still. The rate currently sits at 4500 per USD.

The Central Bank responded yesterday, announcing that it will only finance the imports of three basic goods at the 2,500 per USD rate: baby milk, wheat, and pharmaceuticals.

This will feed into domestic inflation and hurt the agricultural sector the most (seeds and fertilizers).

While much of the depreciation in the lira over the previous 11 years was driven by domestic factors, such as money printing, it's not the only driver over the past year—the US dollar has appreciated across the board (up 15% against the GBP and 14.5% against the EUR).

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