11 October 2022; MEMO: The Syrian lira hit a record low on Sunday after the price of one US dollar increased by 50 lira costing over 5,000 lira, Arabi21 reported.
The site quoted Syrian economist Samir Al-Taweel saying he expected the Syrian currency to continue its losses, citing a number of reasons including the Lebanese bank strike following a series of armed hold-ups by clients demanding their savings.
Al-Taweel explained that the Syrian regime depends on Lebanese banks to finance imports to Syria, noting that the suspension of work in Lebanese banks has affected the performance of the Syrian and Lebanese liras.
He added that the Syrian pound was also affected by the global increase in food and oil prices coupled with the absence of economic measures aimed at stabilising the currency.
Al-Taweel said the depletion of the country's resources due to the war has also weakened the pound's value.
