Syrian central bank slashes exchange rate as currency pressure grows
Central bank adopts more flexible approach to exchange rate
The Central Bank of Syria added flexibility to its exchange rate on May 10, allowing a sharp depreciation of the official rate in a move to relieve pressure on the Syrian pound and clamp down on black market trading.
The central bank forced exchange companies to set a rate of S£620 to the US dollar, state news agency Sana reported, a dramatic adjustment from the previous official rate of around S£220 to the dollar, and the S£47 to the dollar that held before civil war broke out in 2011.
The
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