IMF: Syrian Pound, Stock Market Plummet

Published on Friday, 11 May 12:04 pm

The value of the Syrian pound is down 45% on the parallel market and the stock market has slumped 40% since an uprising broke out in March 2011, the IMF said, according to AFP. “The exchange rate on the black market has depreciated by 45% and 25% on the official market,” IMF deputy managing director Nemat Shafik told reporters in Beirut. The unrest has damaged the Syrian economy but little data is available, she said. “For security reasons, “the IMF has been unable to send a team to the country. We know that GDP has fallen but we don’t have any numbers because we haven’t had people on the ground,” she said, adding that the last IMF visit took place in Jan-Feb 2011.

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