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Central Bank Of Syria Intervenes To Prevent Collapse Of Syrian Lira

The Central Bank of Syria is actively intervening in the foreign exchange market in an effort to maintain the stability of the exchange rate of the Syrian lira in the face of big pressures on the Syrian economy caused by both international sanctions and the massive daily demonstrations.

The governor of the central bank Adib Myala was quoted by the local press saying that for the first time the central bank will sell foreign currency to authorized money changers in an effort to stem the decline in currency value.

The Syrian government has so far been able to meet the payroll for 1.2 million government employees in addition to hundreds of thousands of military and security personnel.

[Editor's comments: In a desperate attempt to absorb public anger the Syrian government has recently authorized the recruitment of tens of thousands of Syrians to government and public sector to non-existing jobs. Experience shows that it takes decades to reform a public service that was used as a public welfare system.]

Source: Al-Sharq Al-Awsat, London, October 27, 2011

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