In Syria’s eastern town of Deir al-Zor, a rebel commander flush with cash was swapping his dollars for Syrian pounds to pay fighters battling President Bashar al-Assad’s forces. Money changers said that influx of foreign currency
Syria’s currency has come under intense pressure in recent weeks as rebels have taken their battle closer to the centre of the capital and international powers have begun talking about military intervention in the country’s escalating civil war. The value of the Syrian pound has dropped by more than 15 per cent on the black […]
The value of the Syrian pound is down 45% on the parallel market and the stock market has slumped 40% since an uprising broke out in March 2011, the International Monetary Fund said on Wednesday.
Syria’s remaining cash reserves are quickly dwindling as the country’s anti-government uprising marks its 13th month, according to intelligence officials and financial analysts who describe a steady hollowing-out of the country’s economy in the face of sanctions.
Money has been streaming out of Syria as fears for the unstable economy lead Syrians to seek a safer place for their assets, according to members of the country’s business community.
The Central Bank commission responsible for combating money laundering and terrorism financing said banks and exchange institutions should only offer foreign currency when there is an “economic justification” for the transaction.