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Syria Anticipates Harsher European Sanctions; Adds Ruble And Yuan To Foreign Currency Transactions

In anticipation of even harsher sanctions by the European Union than those that have been put in place since last March, the governor of the central bank of Syria Adib Mayala has added the Russian Ruble and the Chinese Yuan for international transaction should a ban on the Euro be imposed by the EU. The United States has already banned the use of the dollar for Syrian transactions and prohibits the use of Visa and Master Card by Syrian citizens.

The governor conceded that Syrian reserves in foreign currencies have declined by $1.2 billion to $18 billion as a result of the EU and the European Investment Bank suspending their financing of on-going projects.

[Editor's comment: The introduction of two inconvertible currencies, the Ruble and Yuan, in foreign exchange activities points to the Syrian regime's economic despair.]

Source: Al-Sharq Al-Awsat, London, October 26, 2011

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