BREAKING NEWS

Syria central bank head says he will defend pound

By REUTERS

FEBRUARY 6, 2012 13:22

KUWAIT - Syria's central bank will intervene to prop up its currency - which has plunged under the mounting pressure of sanctions and violence - and has the reserves to back that strategy, Kuwaiti state news agency KUNA cited governor Adib Mayaleh as saying on Monday.

Mayaleh said the black market exchange rate, which last month hit a record low of about 70 to the dollar, reflected attempts to destabilize Syria, where President Bashar Assad is trying to crush an 11-month-old uprising against his rule, the agency reported.

"The exchange rate in the parallel market is fictional, and its goal is to provoke fear and panic among citizens," KUNA quoted him as saying, adding that the bank would be intervening in that market within one week.

"The bank's foreign currency reserves are good, sound. The exchange rate will return to normal after positive intervention and injecting forex to make up for shortfalls... to allow banks to fund imports at normal prices."

Hostage body found in grave of October 7 victim

By JERUSALEM POST STAFF

05/03/2024 04:59 PM

Russia says it is ready for 'serious' Ukraine peace proposals

By REUTERS

05/03/2024 04:46 PM

Russia says drove Ukraine army from 211 sq. miles of territory this year

By REUTERS

05/03/2024 04:17 PM

Houthis say they will target ships heading to Israeli ports

By REUTERS

05/03/2024 04:08 PM