President Donald Trump's announcement that he plans to end the U.S. sanctions imposed on Syria, which have been in place for over 45 years, was met with jubilant celebrations in the Syrian capital of Damascus.

The impact of Trump’s statement, which he said would give Syria “a chance at greatness” after the December overthrow of Bashar al-Assad, had an almost immediate effect, as the Syrian pound strengthened against the US dollar by about 25 percent,