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Syrian Currency Plumbs New Lows Against US Dollar

Edward Yeranian

   CAIRO, EGYPT - The Syrian pound has been hitting new lows against the
   U.S. dollar in recent days, coming close to a record low of 1,000
   pounds to the dollar, before pulling back Tuesday to about 920. Arab
   analysts are attributing the deteriorating exchange rate to economic
   and political crises in neighboring states, including Lebanon, Iraq and
   Iran, all of which have close economic ties to Damascus.

   Popular protests in Iraq, Lebanon and Iran are causing major strains on
   the Syrian economy, which depends heavily on its neighbors for trade
   and various forms of economic assistance.

   Syria's currency, the pound--officially pegged at 430 to the
   dollar--has fallen to nearly 1,000 to the dollar in recent days, rising
   slightly Tuesday to about 920. The deteriorating value of the pound is
   creating major hardship for average Syrians.

   A middle-aged man in Damascus told Arab media he can't understand
   what's happening.

   He said "the supermarket, the vegetable man, and the taxi drivers tell
   us that prices are rising because the dollar is rising. It makes no
   sense, though, he says, because we're in Syria and we're paid in Syrian
   pounds. Who cares what the dollar is worth?"

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