Syria : breaking the link between the pound and the dollar in a few days

[dejavu]

Syria : breaking the link between the pound and the dollar in a few days

CNN CNN
Syria ended finalizing a plan of "disengagement" between the Syrian pound and the dollar, that will be linked to the Special Drawing Right of the International Monetary Fund, according to bank sources Syria. Meanwhile, an official Syrian government in a press statement that the monetary authorities intend to retreat from the policy linking lira dollar, which has continued for ten years, and linked to a basket of other currencies, the relative weight of the dollar in 44%, the euro 34%. The SDR is an international reserves of the International Monetary Fund, began dealing in the year 1970, and will be daily pricing according to the average price of the basket of currencies of countries with the largest volume of trade in the world. The official said that the economic linkage units SDRs of the IMF, would make the price of Syrian currency stable, whether citizen or industrial or trader or investor, and will prevent Oscillation strong lira, as media reports quoted Syria. The governor of the Central Bank, Adib inclined, had recently stated that the resolution will begin work next month, pointing out that this step is the result of monetary and economic reforms, undertaken by Damascus, as it is to protect the foreign exchange reserve from exchange rate fluctuations . added Dr. Mayyaleh told reporters that Syria put the final touches on steps to abandon the peg to the dollar to strengthen the government's ability to support the exchange rate. Research and the Syrian government, which the United States imposes sanctions against it since 2004, for ways to strengthen its financial position to meet Washington's efforts to isolate . The official pointed out that the banking Syria has net foreign currency reserves, worth $ 20 billion, to support the Syrian pound, and includes the dollar, euro, pound sterling and Swiss franc. He added that his country does not intend to change its policy of maintaining a stable exchange rate, and a switch to a basket of currencies would help to better cope with fluctuations in the global foreign exchange markets

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[carlos]

Looks like another rat is jumping the sinking ship!
Carlos

[Howler]

yep, there goes another one.

[crabman]

Sreange but insinuating Dejavu, wonder what they are going to exchange the rate at. Wonder if the Government is trying to raise the value of their currency to offset the losses encurred.

[carlos]

Sreange but insinuating Dejavu, wonder what they are going to exchange the rate at. Wonder if the Government is trying to raise the value of their currency to offset the losses encurred.

Makes sense Crabman, but would this actually be an RV or an adjustment to offset looses due to the decline in value in the dollar?
Carlos

[H2OLover]

a basket ...... wonder if the dinar will be linked to the same basket ?

[dejavu]

basket, that's what i thought too, one by one the region seems to be leaving the dollar......also i thought it was strange that they had the meeting with iraq and then this took place....

[crabman]

true Dejavu when is the Iraqi going to do theirs or have they already set it up to come up prior to the summit.

[oldskiier]

basket, that's what i thought too, one by one the region seems to be leaving the dollar......also i thought it was strange that they had the meeting with iraq and then this took place....

Sure makes ya think uh .....?? A basket is becoming very popular...and the basket they are using is the SDR ....very interesting indeed !!!

[heres-hoping]

Let's hope its a basket we all dream about and not a basket case. LOL

[removed account per user]

a basket ...... wonder if the dinar will be linked to the same basket ?

Better yet, all these other people put a little dinar in their baskets!