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FINANCIAL NEWS
Syria spends USD2b to protect its currency
29 Aug 2011
(MENAFN) Governor of the central Syrian bank, Adib Mayaleh, said that Syria spent USD2 billion to support the country’s currency since the start of the political turmoil five months ago against the Syrian government, reported Bloomberg.
Mayaleh also said that the money came from a fund the government created in 2009 that had USD5 billion when the revolt began. He added that the Syrian currency has lost three percent against the dollar during the same period.
The governor added that the USD2 billion funds were meant for specific use in hard times like these. Syria is going through and everyone is coming together to find solutions.
It is worth noting that the protests against Syria’s ruler Al Assad’s have swept the country since mid-March, and was inspired by the uprisings that ousted the longtime rulers of Egypt and Tunisia and helped spark a rebellion in Libya against Muammar Gaddafi.
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