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FINANCIAL NEWS
Syria bans pricing goods with foreign currency
05 Aug 2013
(MENAFN) Syrian President Bashar al-Assad has issued a decree banning the use of anything other than the Syrian pound as payment for any type of commercial transaction or cash settlement, Reuters reported.
Under the decree, Syrian traders who price goods in foreign currency will face up to 10 years in jail, a move aimed at stemming the increasing dollarization of an economy crippled by two years of civil war.
Traders who violate the law will face up to three years in jail and a fine equivalent to double the value of the payment.
If the sum involved is over USD5,000, punishment could rise to 10 years with hard labor, according to the decree published by state media.
Sharp falls and fluctuations in the national currency Syrian pound have led to increasing use of the US dollar in everything and all transactions.
The weakness and volatility of the local currency has pushed up inflation and left many shopkeepers struggling to price their goods in Syrian pound.
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