Syria central bank head says he will defend pound

February 6, 2012 13:22


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


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."

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
July 18, 2019
Meretz, Labor MKs claim Blue and White fighting partnership with Barak


Cookie Settings