"As of March 2014, Goznak arranged to ship
Syrian pound banknotes from Russia to the central bank of Syria.
At the same time, exchange offices have begun to not purchase the
Syrian pound, and thus that currency has begun to lose value.
AFP -- The severely weakened
Syrian pound has surged against the dollar in recent days, a trader said Tuesday, with experts pointing to central bank intervention and developments favourable to the regime.
The
Syrian pound has lost about 60 percent of its value against the U.S.
A US dollar went from equaling 44
Syrian pounds to 220 in just four and a half years.
Summary: The United States blacklisted Lebanese company DK Group for arranging to ship
Syrian pound banknotes from Russia to the Syrian central bank, an allegation strongly denied by the company's general manager.
It has also destroyed the economy, causing soaring inflation and driving down the value of the
Syrian pound.
He added that the move comes as part of the CBS's intervention in the market to keep the price of the
Syrian pound stable.
The
Syrian pound has weakened to a record this year amid the conflict, according to data compiled by Bloomberg.
A vigorous government's intervention revived the
Syrian pound, which lost 50 percent of its value against U.S.
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The Central Bank of Syria has said in its weekly bulletin that the
Syrian pound is still stable and there is an abundance of liquidities in public banks.