as those attempting to circumvent sanctions by effecting foreign transactions through banks in neighbouring countries or want to hold cash outside the country. The currency has been devaluing significantly, especially since the start of the Syrian Civil War, and continued to plunge further. On 29 November 2019, following protests in Lebanese, the black market rate was LS 765 = US$1, a decrease of 30% since the turmoil started in Lebanon a month earlier, as the protests led Lebanese banks to impose tight controls on hard currency withdrawals and transfers abroad, making it hard for Syrians to access funds held by them in those banks. The black-market rate fell to LS 950 on 2 December 2019, another 25% decrease, while the official rate was LS 434 = US$1. On 13 January 2020, the currency deteriorated further, as more than LS 1,000 was traded for US$1 on the black market, while the official rate continued to be LS 434. During the COVID-19 pandemic in Syria, the Syrian pound continued to fall against the U.S. dollar in the black market, where US$1 equaled more than LS 1,600 in May 2020. A month later, the Syrian pound passed LS 2,000 against the dollar, and a few days later, it passed LS 3,000 against the dollar. It settled back to an exchange rate of around LS 2,500 and did not reach LS 3,000 again until early 2021. In June 2020, anti-government local authorities in Idlib Governorate adopted the Turkish lira in place of the plummeting Syrian pound. See also List of banks in Syria References : Economy of Syria Financial services in Syria Syria Banks of Syria