BEIRUT, LEBANON (12:40 P.M.) – The Syrian Pound has dropped to an all-time low as the U.S.-led sanctions continue to hinder the nation’s economy.
According to the latest data, 3,100 Syrian pounds trades for $1 (USD), which is a massive drop and lowest in the Arab Republic’s history.
The catastrophic drop in the Syrian pound comes at a time when the U.S. implements its Caesar Syria Civilian Protection Act, which is Washington’s harshest sanctions against the Arab Republic since the start of the nine-year-long conflict.
The economic situation in Syria has been further exacerbated by the ongoing crisis in neighboring Lebanon, which is experiencing its own currency issues and wide-spread demonstrations.
For Syria, the economic crisis is not likely to get better any time soon, as former trade partners and business enterprises fear being black-listed by the U.S. Treasury Department, who has threatened to sanction these entities.
Under the administration of President Donald Trump, the Syrian Arab Republic, along with its primary supporters, Iran and Russia, has been further isolated in the Middle East, despite efforts to restore the Levantine nation’s membership in the Arab League.