Thursday, June 20, 2013

While Claiming Battle Gains Against Rebels, Syria’s Assad Is Facing Currency Crisis

The currency, the Syrian pound, fell about 30 percent in value against the dollar over the weekend, partly on news that the United States intended to arm some elements of the rebellion seeking to topple Mr. Assad.

The Central Bank governor, Adib Mayalah, announced Tuesday that to help stabilize the pound, Syria would tap into a $1 billion credit line provided by Iran. That appeared to be helping on Wednesday. But the effects of that aid are considered temporary at best, as Iran is facing its own severe financial constraints.