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The #Syrian #Pound has reversed some of its recent losses, with the exchange #rate hovering at around 2,250 SYP per #USD . A long way still from recovering losses since January when it traded for 1,000 per USD /1
Less clear though are the reasons behind the pound's strong showing despite both recent political and economic blows suffered by the #Assad regime after #CaesarAct came into effect in mid June /2
Some suspect a covert deal was struck with #iran or #russia to funnel money to shore up reserves of foreign currency, which seems unlikely given the current dire state of their respective economies /3
Others attribute it to a recent measure taken by the central bank to offer a lucrative interest rate of 3.5% on deposits and transfers made in foreign currencies /4
What makes it all the more weird is the continued collapse of both the Lebanese pound and Iranian Rial thought by many to be the same domino fallout from Iran's regime being unable to bail out allies in the region 5/5
