Reply #68: Syria Switches From Dollars to Euros

[Dover]

Feb. 14, 2006, 9:42PM
Syria Switches From Dollars to Euros


© 2006 The Associated Press

DAMASCUS, Syria — Syria has switched the primary hard currency it uses for foreign goods and services from the U.S. dollar to the euro in a bid to make it less vulnerable to pressure from Washington.

The decree signed by Syrian Prime Minister Naji al-Otari on Monday ordered government bodies and public-sector companies to use euros to pay for foreign transactions, including payment for exports.

The head of the state-run Commercial Bank of Syria, Dureid Dergham, was quoted as saying Tuesday that the switch to euros was "important and necessary in light of the current U.S. threats against Syria, and the ensuing complications in banking procedures and transfer operations to Syria from U.S. and European banks."

"The step aims at avoiding any future disturbances," Dergham told the state newspaper Al-Thawra. Dergham was not available for comment Tuesday...cont'd

http://www.chron.com/disp/story.mpl/ap/business/3660174.html