Syria will drop currency peg to dollar within a few weeks

Syria is finalising moves to drop its currency peg to the dollar to strengthen the government’s ability to defend the exchange rate, and should complete the move within weeks, central bank Governor Adib Mayaleh said yesterday.

Syria depends on oil, of which it produced 380,000 barrels per day last year, to earn foreign currency. A stable exchange rate has been a hallmark of monetary policy, although oil output has declined from a 600,000 bpd peak in the 1990s.

GulfNews