Syrian Pound Rebounds as Rebels Take Charge

The Syrian pound has surged 20% against the U.S. dollar following the fall of the Assad government, driven by the return of refugees and relaxed trade controls. As foreign currencies become more widely used, Syria's new rebel-picked government plans wage hikes to uplift the battered economy.

The Syrian pound has experienced a remarkable surge, strengthening by at least 20% against the U.S. dollar in recent days. This comes amid significant changes in the country following the fall of the Assad government.

Currency traders in Damascus reported exchange rates ranging between 12,500 and 10,000 per U.S. dollar, marking an improvement from the previous rate of 15,000. The market has been highly volatile, influenced by the return of numerous Syrian refugees from Lebanon and Jordan and increased usage of U.S. and Turkish currencies.

Under Assad's rule, using foreign currencies for daily trade was punishable by law, deterring many from even speaking about the dollar. With more than 90% of the population living under the poverty line, the new government, formed by rebels, aims to rejuvenate sectors suffocated by years of conflict and plans wage increments to revitalize economic stability.

(With inputs from agencies.)