about an imminent U.S. strike against the backdrop of the Syrian government's
alleged use of chemical weapons has caused panic in the Syrian markets and
triggered off a new and sharp decline in the Syrian pound.
According to media reports, four U.S. Navy destroyers armed with land-attack cruise missiles are positioned in the Eastern Mediterranean Sea. All four warships are equipped with Tomahawk cruise missiles allowing the Pentagon to act rapidly if a military strike is ordered against Syria.
exchange rate is instantly affected by any political developments regarding the
anticipated U.S. strike, according to Dealer in 'Black market', who spoke to
EQTSAD on condition of anonymity for fear of reprisals. He expected a dramatic
rise of U.S dollar against Lira if the U.S. Congress voted YES to military
source gave example that dollar rose quickly before the G20 summit in St.
Petersburg, for up to 250 S.P, and fell quickly when no decision in regard to
the military strike was taken.
according to the source, dollars could rise up to 350 S.P if the Congress
agreed and approved the military action against Syrian regime, basing in his
estimation to the fact that U.S dollar reached to 280 S.P when Obama announced
his intention to hit the regime.
demand on dollar these days is very slow and limited, the source said, the
exchange market is looking carefully to the delayed Strike which was assumed to
happen last week. However, the opposite will happen, Dealer said if the strike
is confirmed, as large number of Syrians from upper middle class and upper
class will move to Lebanon and would try to get rid of Syrian pounds they have,
which would cause increase in dollar price
and its allies are considering launching strikes on Syria in response to deadly
alleged chemical attacks last week in eastern Ghouta in the countryside of
Damascus, which allegedly claimed the lives of hundreds of Syrians.
anticipated military strike has prompted Syrians to rush to market to buy foods
and other necessities, with some Syrians complaining that foodstuff have
started to disappear quickly.
pound, which has been stable for nearly two months following the Central Bank
of Syria's positive interventions in the markets, dived on Tuesday from 195
pounds against one U.S. dollar to up to 240 pounds in the black market.
decrease prompted Adib Mayalleh, the governor of the CBS, to issue a statement
calling on Syrians not to be deluded by the fake exchange rate of the dollar,
noting that there is no demand on the dollar to justify surge.
economic websites expected that the pound would further decline within the next
few hours as political developments are accelerating in Syria.
say that most of the exchange companies refuse to sell or buy dollars to
people, noting that a few of them accept only to buy.
one will accept to sell you dollars at this delicate time," said Ahmed, a
merchant. "They expect the exchange rate of the dollar to hike soon owing
to the expected military strike."
have started talking about imaginary figures of up to 270 pounds per
dollar," he said.
CBS that sells 1,000 dollars for every citizen per month issued a decision
decreasing the amount to 500 only.
York Times quoted a senior U.S. administration official as saying Washington
was looking at NATO's aerial strikes in Kosovo in 1999 as a blueprint for
action against Syria without a UN mandate.
agency contributed in this report.