The Syrian lira has rapidly been losing value versus the Jordanian dinar over the past weeks, reaching 117 liras per JD1 record low on Thursday, money changers said.
The Syrian currency has fallen by up to 50 percent this week from 67 liras per JD1 before the unrest hit the northern neighbouring country nearly a year ago, according to currency exchange agencies.
Mohammad Otoum, manager at Alawneh exchange agency, told The Jordan Times that the value of Syrian lira is dropping sharply and rapidly, indicating that only a month ago its exchange rate was 85 liras per JD1. “The value of the lira is deteriorating everyday and there is slight demand for the currency,” he said, pointing out that money changers buy the lira at a rate of 140 liras per JD1 and sell at 117 per JD1.
Jihad Ahmad, from another money changing firm in Amman, attributed the relatively large margin between the purchase price and the selling price to exchange rate volatility. “There is a risk associated with trading in the currency,” Ahmad noted. He expected the value of the Syrian currency to continue its sharp decline in the coming weeks as the news coming from the neighbouring country show that the political and economic instability may even worsen.
Alaaeddine Diraniyeh, head of the Jordan Exchanges Association, agreed that the value of the Syrian lira is on a downtrend, noting that it loses 3-5 percent of its value on a daily basis.
