Syria devalues currency

Syria map

The Central Bank of Syria sharply reduced the value of the Syrian pound on January 2, weakening the official exchange rate from S£3,015 to the US dollar, to 4,522.

On the black market, the dollar currently trades for around S£6,500, Reuters reported.

The national currency previously traded at 47 to the dollar, before the 2011 pro-democracy protests against the government and the start of the ongoing civil war. Many countries introduced sanctions against the regime.

Monday’s devaluation was

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