Syria’s FX reserves plunge to critical levels

Syria‘s foreign currency reserves have fallen to very low levels, with the central bank’s dollar reserves estimated at around $200 million, sources told Reuters. Another source indicated the reserves were “in the hundreds of millions.”

The decline comes as president Bashar al-Assad’s government increasingly used the reserves to finance food, fuel, and its war effort, current and former Syrian officials said.

Syrian caretaker Prime Minister Mohammad al-Bashir also confirmed the depletion of foreign currency reserves in comments to Al Jazeera TV on Tuesday.

Attribution: Reuters

Subediting: M. S. Salama

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