News : US News : Syria dumping dollars for euros

Syria dumping dollars for euros

Wednesday, 1-Nov-2006 11:20AM EDT
Story from United Press International. Copyright 2006 by United Press International (via ClariNet)

DAMASCUS, Syria, Nov. 1 (UPI) -- Washington's sanctions against Syria have prompted Damascus to begin switching its foreign currency surplus from U.S. dollars to euros.

London's al-Hayat newspaper reported that the move aims to minimize U.S. sanctions as the nation pays off foreign debt, YnetNews said Wednesday.

Syria's Central Bank Governor, Dr. Adib Mayala, said Tuesday his nation "would rid itself of the relationship between the Syrian lira and the U.S. dollar at the beginning of the upcoming year."

Specifically, Damascus has decided to exchange some $20 million in surplus for euros as it pays down external debt.

President Bush imposed economic sanctions on Syria in 2004.

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