Wednesday, July 12, 2006

Syria Will End Dollar Peg, Moves Reserves to Euros

I guess this is what happens with $8.5 trillion in debt:

Syria, accused by the U.S. of supporting terrorism, plans to end its currency peg to the dollar by December to reflect closer trade ties with Europe, central bank Governor Adib Mayaleh said.

The Central Bank of Syria has already converted half its foreign-exchange reserves to euros, Mayaleh said in a telephone interview from Damascus, without being more specific. Syria's reserves, including gold, totaled $4.1 billion at the end of 2005, according to the U.S. Central Intelligence Agency, similar to the amount held by Lithuania's central bank.

2 Comments:

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7/21/2006 5:11 PM  
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7/23/2006 1:49 PM  

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