Syrian pound shows signs of recovery after Assad regime change

The Syrian pound has strengthened against the US dollar by at least 20 percent over the past two days amid an influx of Syrians from neighbouring countries and an end to strict controls on trade in foreign currencies after the fall of Bashar Assad regime.

Damascus currency traders cited exchange rates between 12,500 and 10,000 on Saturday, a wide spread of between 20 percent and 50 percent stronger than the previous rate of 15,000, with high volatility in the market.

The traders cited the return of thousands of Syrians who had sought refugee abroad during the country's 13-year war and the open use of US dollars and Turkish currency (lira) in markets as having contributed to the change.

Using foreign currencies for everyday trade could previously land Syrians in jail, and many feared even uttering the word "dollar" in public.

More than 90 percent of Syrians live under the poverty line, according to UN agencies.

The country's oil industry, manufacturing, tourism, and other key sectors have been crippled by years of fighting, and large segments of the population are employed in a decrepit public sector, with monthly wages averaging around 300,000 Syrian pounds.

The new Syrian transitional government, picked by the opposition who took Damascus on Sunday in a lightning offensive that toppled 50 years of Assad family rule, say they will raise wages and prioritise improving services.