Currency Update: November 2025

In November 2025, exchange rates were shaped primarily by political shifts, central bank interventions, and persistent structural challenges. The Syrian pound has begun to appreciate following the end of the war, supported by the new government's positive fiscal reforms. The Congolese franc is also strengthening, aided by the Central Bank’s active management through foreign currency sales. In contrast, the Venezuelan bolivar continues to depreciate amid ongoing economic and political instability.

Global Currencies Gaining Value Against the U.S. Dollar:

SYP – Syrian Pound

The Syrian pound has appreciated as Syria experiences new stability in the post-war period. Nearly one million Syrians returned home in the first nine months of the year following prolonged displacement. International sanctions lifted over the course of the year are allowing the country to rejoin the global banking system and encouraging greater foreign investment. The IMF has praised fiscal and monetary policy reforms under the current transitional government and has committed to helping rebuild capacity across the financial system. The Central Bank of Syria is also planning to introduce a new currency, likely debuting in 2026.

CDF – Congolese Franc

The Congolese franc continues to appreciate as inflation in the country moves lower. The Central Bank of Congo is supporting the franc’s strength; in early November, it began selling U.S. dollars to commercial banks to ease pressure from high foreign-exchange demand and to help stabilize the exchange rate. Following these interventions and the Bank’s guidance, people in the D.R. Congo are increasingly encouraged to prioritize transactions in the franc rather than in foreign currencies.

Global Currencies Losing Value Against the U.S. Dollar:

VES – Venezuelan Bolivar

The Venezuelan bolivar continues to decline in value, driven by several factors. Venezuela’s high debt burden, its dependence on the oil industry for foreign-exchange earnings, and ongoing pressures from external sources all contribute to the bolivar’s depreciation. Because these challenges are structural, the downward trend is expected to continue unless a major shift occurs.

Should the COLA be updated?

One benefit of the COLA is that it is paid separately from salary and can be updated for changes in economic conditions – both up and down. The COLA can be influenced by two factors:

• Exchange rates: as the exchange rate between the home and host locations changes, the COLA is updated to capture the impact of a strengthening or weakening home / host currency.
• Inflation / deflation: Additionally, both the market basket at home and at host are affected by inflation and deflation, so the COLA is updated for those as well.

Updating the COLA for exchange rate and inflation allows the company to make sure the employee is protected against economic changes.

As a result of changing economic circumstances, the COLA can increase or decrease. Although COLA changes keep the employee balanced, the Global Mobility team may need to field any employee questions about COLA decreases.

Back-to-Basics: COLA & FX Rates Webinar

As mobility teams continue to navigate rapidly shifting inflation levels and volatile exchange rates, questions about COLA calculations are more common than ever. To help bring clarity to these conversations, AIRINC hosted a Back-to-Basics webinar that breaks down how currency movements, economic trends, and price changes directly impact allowances. In the session, we explore why COLA increases or decreases over time, how often it should be updated, and how mobility professionals can confidently explain these fluctuations to assignees.

By walking through real-world scenarios and the mechanics behind our data, the webinar equips program managers with the knowledge they need to communicate changes transparently and support equitable, data-driven mobility programs. If you’ve ever fielded questions like “Why has my COLA gone down?” or “What role do exchange rates play?”, this recording provides clear, accessible answers grounded in AIRINC’s decades of experience.