Syria Devalues Currency as New U.S. Sanctions Hit

Syria Devalues Currency as New U.S. Sanctions Hit

Syria's central bank devalued the Syrian pound on Wednesday giving in to weeks of depreciation on the black market as new US sanctions took effect.. The central bank raised the official exchange rate from 704 to 1,256 Syrian pounds to the dollar, in a statement published on its social media pages.. Earlier this month, the war-torn country's currency hit a record low on the black market of around 3,000 pounds to the dollar, sparking rare protests, before appreciating slightly after an apparent injection of dollars.. On Wednesday, the rate on the parallel market stood at around 2,600 to 2,800 pounds to the dollar, traders told AFP.. "It is trying to encourage people to use the official channel instead of the black market," he said.. The Damascus government has long blamed the country's economic crisis on international sanctions.. Before the conflict, the exchange rate stood at 47 Syrian pounds to the dollar.. Lebanon Nasrallah Says Hizbullah Not behind Rioters, Calls Dollar Crisis a U.S.. Lebanon Lebanon to Probe Dollar 'Rumors' and 'Insults' to President.