The Syrian pound was trading as low as 691 against the dollar on Sept. 8 before it climbed to 610 Monday. AFP / Delil SOULEIMAN
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The middle-aged shop owner said business had slowed since the value of the Syrian pound against the dollar plunged to its lowest level in history this month.On the black market on Sept. 8, the Syrian pound was trading at 691 against the dollar -- its lowest rate in history -- before it climbed to 610 Monday.That is a significant drop from 500 Syrian pounds to the dollar at the end of last year.At the start of Syria's eight-year war, the rate stood at around 48 pounds to the dollar.According to economic publication Syria Report, the collapse of the pound is due to a number of factors, including a high demand for dollars in neighboring Lebanon, whose banking system Syrian importers use for their own transactions.Last week, Syria's Cabinet endorsed steps to clamp down on illegal trading of foreign currencies, according to the pro-Damascus daily Al-Watan.
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