Syrian pound falls to a record low on the black market

The Syrian pound has plunged to a record low on the black market, trading on Wednesday at 71 Syrian pounds against the dollar in a sign of growing economic woes.

“The pound traded on the black market at 65 pounds against the dollar on Sunday, before falling to 67 on Monday and 71 this morning,” said the owner of a Damascus foreign exchange bureau who gave his name as Maher.

The currency traded officially at a fairly stable 47 to the dollar between 2006 and March 2011, when anti-regime protests erupted. Since July, it has swung between 58 and 60 before tumbling in the past two weeks.