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Syria Will End Dollar Peg Moves Reserves to Euros

 
Omega
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07/12/2006 07:59 PM
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Syria Will End Dollar Peg Moves Reserves to Euros
Add another one to the list folks.


[link to www.bloomberg.com]
SNIP

Syria Will End Dollar Peg, Moves Reserves to Euros (Update1)

July 11 (Bloomberg) -- Syria, under fire from the U.S. for the alleged support of terrorism, plans to end its currency peg to the dollar by year-end to reflect closer trade ties with Europe, central bank Governor Adib Mayaleh said.

The Central Bank of Syria has already converted half its foreign-exchange reserves to euros, Mayaleh said in a telephone interview from Damascus, without being more specific. Syria's reserves, including gold, totaled $4.1 billion at the end of 2005, according to the U.S. Central Intelligence Agency.

``We want to have a currency peg that will reflect our external trade,'' Mayaleh said yesterday. The European Union is Syria's largest trading partner, taking half of its exports, he said.

The country may instead link the Syrian pound to a weighted group of currencies including the euro or loans from the International Monetary Fund that are known as Special Drawing Rights, Mayaleh said. SDRs comprise the euro, dollar, yen and British pound.

Most Middle East countries, including the six oil-producing Persian Gulf monarchies and Jordan, peg their currencies to the dollar. Egypt and Iraq manage floated currencies. The Syrian pound is pegged at 52.2 versus the dollar, according to data compiled by Bloomberg.



Last Edited by Account Deleted by User on 09/01/2011 02:27 AM
Handguns are a skill; shotguns an art; rifles a science.
_____________________________________
Democracy is two wolves and a sheep voting on whats for dinner.

Disarmament is the precursor to Genocide.

Better to take action now rather than chances later. Your choice.
Anonymous Coward
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07/12/2006 08:06 PM
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Re: Syria Will End Dollar Peg Moves Reserves to Euros
HUH THERE IS NO MORE SYRIA LOL THEY JUST GOT TURNED INTO A MUD PUDDLE ROFL
DaJavoo

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07/12/2006 08:11 PM
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Re: Syria Will End Dollar Peg Moves Reserves to Euros
Yeah, Omega...I posted this in the morning...it seems like it's just one more country getting off the fiat currency. Soon the scales will swing.
:DJrebelli:
Omega (OP)

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07/12/2006 08:14 PM
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Re: Syria Will End Dollar Peg Moves Reserves to Euros
Shoot sorry I missed that Daj, I usually check first.

Got a fat Telecaster in my hands and takin' care of business....be back later........
Handguns are a skill; shotguns an art; rifles a science.
_____________________________________
Democracy is two wolves and a sheep voting on whats for dinner.

Disarmament is the precursor to Genocide.

Better to take action now rather than chances later. Your choice.
DaJavoo

User ID: 112223
United States
07/12/2006 08:15 PM
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Re: Syria Will End Dollar Peg Moves Reserves to Euros
Shoot sorry I missed that Daj, I usually check first.

Got a fat Telecaster in my hands and takin' care of business....be back later........
 Quoting: Omega



No probs...O-man...

Hit a few licks on that baby for me!!!
:DJrebelli:
Anonymous Coward
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07/12/2006 08:18 PM
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Re: Syria Will End Dollar Peg Moves Reserves to Euros
if true, they will be distroyed

by the jews
paladin

User ID: 116123
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07/12/2006 08:23 PM
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Re: Syria Will End Dollar Peg Moves Reserves to Euros
Yeah, Omega...I posted this in the morning...it seems like it's just one more country getting off the fiat currency. Soon the scales will swing.
 Quoting: DaJavoo




lmao


now.....where did I put that gold last year..


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