Friday, September 16, 2011

Syrian pound unfazed by turmoil

A sharp discrepancy between Syria's crashing economy and its relatively stable currency is fuelling speculation among observers that either another country, presumably strategic oil-rich ally Iran, has injected huge amounts of cash into its economy, or Damascus is quickly draining its foreign currency reserves.

Syria's overall economy, stock market, vital tourism industry and foreign investment have collapsed, according to economists and analysts. It appears to have haemorrhaged cash, with the bulk flowing to Lebanon, which has long served as a conduit for Syrian finances.

Syria
� 2011 Al Bawaba (www.albawaba.com)

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Source: http://www.albawaba.com/business/syrian-pound-unfazed-turmoil-389864

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