Syrian central bank devalues currency as new sanctions bite

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Syria’s central bank has cut the official exchange rate of its currency as new US sanctions start coming into force.

The government information agency Sana announced that the central bank had lowered the Syrian pound’s exchange rate from 704 against the dollar to 1,256. Several media outlets report that this new rate is still well above the black market value. Some reports say the Syrian pound has recently traded at around 3,000 to the dollar on unofficial currency markets.

The move comes

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