Damascus - (AFP) - The Syrian pound recorded, on Tuesday, a new record deterioration on the black market, crossing the threshold of five thousand against the dollar in a country mired in a conflict that lasted for more than 11 years, according to unofficial electronic applications that monitor the movement of the currency.

After years of war, Syria is witnessing a suffocating economic crisis, accompanied by a rise in the prices of basic materials, especially fuel.

During the past weeks, the exchange rate ranged between 4,300 and 4,700 pounds per dollar, while the official exchange rate approved by the Central Bank was equivalent to 3,015 pounds against the dollar.

And unofficial applications that monitor the black market, and are followed by Syrians, showed that the exchange rate at noon exceeded the threshold of five thousand pounds against one dollar.

Thus, the Syrian pound recorded its lowest level on the black market since the beginning of the conflict in 2011.

Since the start of the conflict, the exchange rate of the Syrian pound has deteriorated by nearly 99 percent on the black market.

Analysts believed that the deterioration of the value of the lira will not stop as long as "its causes continue."

The economist, Ammar Youssef, told AFP about several reasons, including "people's tendency to save in foreign currency," as well as "the economic sanctions imposed on the Central Bank, which also impede the movement of exports outside the country."

Damascus has always considered these sanctions to be the main reason for the continued deterioration of its economy.

The majority of Syrians today live below the poverty line, according to the United Nations, while commodity prices have doubled across the country over the past year.

12.4 million people suffer from food insecurity, according to the World Food Program, at a time when the country is recording a significant increase in inflation and prices, and a scarcity of fuel, which is reflected in the power outages for about twenty hours a day.