"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
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.