The Syrian pound is continuing its downward spiral and lost in the last week some five percent of its value relative to the dollar as the Government admits that its foreign currency reserves are now very low.
The appointment of a new governor at the Central Bank of Syria has coincided with a new increase of the value of the US dollar in the Syrian foreign exchange market.
The main index of the Damascus Securities Exchange remained mostly unchanged in July.
Bank Audi, Lebanon’s largest commercial bank, is changing the commercial name of it Syrian affiliate in an apparent bid to distance itself from the Syrian market.
ISIS has reportedly begun to mint and circulate its own currency while its revenues from oil are falling.
Syria’s customs revenues increased in the first half of this year as a consequence of the decline in the value of the pound relative to the dollar.
The volume and value of shares traded in the first half of this year in the Damascus Securities Exchange more than doubled compared to the same period of 2015.
The Central Bank of Syria has licensed a new foreign exchange company, the first in two years.
Banque Bemo Saudi Fransi, Syria’s largest private sector commercial bank, has announced the appointment of a new CEO.
The U.S. Government has blocked several properties located in New York and Washington, D.C. as well as millions of dollars owned by the Syrian Government, a recent report reveals.