
Syria switches to euro amid confrontation with US Reuters \|\| February 15, 2006 Related - Petrodollars and Nuclear Weapons Proliferation: Understanding the Planned Assault on Iran DAMASCUS (Reuters) - Syria has switched all of the state's foreign currency transactions to euros from dollars amid a political confrontation with the United States, the head of state-owned Commercial Bank of Syria said on Monday. "This is a precaution. We are talking about billions of dollars," Duraid Durgham told Reuters. The bank, which still dominates the Syrian market although private banks have been allowed to set up in the last few years, has also stopped dealing with dollars in the international foreign exchange flows of private clients. Article Posted at www.KnowledgeDrivenRevolution.com The United States has been at the forefront of international pressure on Syria for its alleged role in the assassination of former Lebanese Prime Minister Rafik al-Hariri a year ago. Damascus denies involvement in the killing. "It looks like a kind of pre-emptive action aimed at making their foreign assets safer, preventing them from getting frozen in case of any conflict," said a Middle East economist who requested anonymity. About KDR \| \| Home \| \| Weekly Features Archive	Weekly Weekly Features Archive
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Syria switches to euro amid confrontation with US

Reuters || February 15, 2006

Related - Petrodollars and Nuclear Weapons Proliferation: Understanding the Planned Assault on Iran

DAMASCUS (Reuters) - Syria has switched all of the state's foreign currency transactions to euros from dollars amid a political confrontation with the United States, the head of state-owned Commercial Bank of Syria said on Monday.

"This is a precaution. We are talking about billions of dollars," Duraid Durgham told Reuters.

The bank, which still dominates the Syrian market although private banks have been allowed to set up in the last few years, has also stopped dealing with dollars in the international foreign exchange flows of private clients.

Article Posted at www.KnowledgeDrivenRevolution.com

The United States has been at the forefront of international pressure on Syria for its alleged role in the assassination of former Lebanese Prime Minister Rafik al-Hariri a year ago. Damascus denies involvement in the killing.

"It looks like a kind of pre-emptive action aimed at making their foreign assets safer, preventing them from getting frozen in case of any conflict," said a Middle East economist who requested anonymity.

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