ThysdrusRoman Coliseum of El-Jem

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Location: Tunis, Tunisia, Tunisia

Monday, February 13, 2006

Syria Switches To Euro

The Syrian state-owned Commercial Bank of Syria (CBS) switched, today, its foreign currency transactions to euros from dollars.Commenting on the Syrian move, a middle eastern economist said that "It looks like a kind of pre-emptive action aimed at making their foreign assets safer, preventing them from getting frozen in case of any conflict,".
(Via Drudge)

In 2004, the US Treasury Department designated the CBS as
"primary money laundering concerns".It accuses Syria of using the CBS as a "conduit for the laundering of proceeds generated from the illicit sale of Iraqi oil" and Syria's failure to transfer the remaining proceeds, which were in frozen accounts at the CBS to the Development Fund for Iraq.


Blogger Napo said...

as if it's gonna make any difference. one of the things G7 finance ministers agreed on recently is to coordinate activities like 'freezing assets' of banks or organizations or individual flagged as bad guys.
Besides, this move won't have an impact whatsover on the dollar. if it was china or the KSA, the impact would be tremendous. Poor syrians, from one failure to another. They somehow deserve it, their policy sucks, and ill-fated, i still remember the day when syrians and their troops sucked up to james baker during the first golf war and their support of the iranian during the persian war !!

4:25 PM  

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