News Flash Syrian currency amid crisis with Iran
The Patriot Conservative News Tea Party Network
Reporting this story on Aug 18, 2011
The obama regime traded secret intelligence how to built nuclear weapons of plans nuclear missile weapons of distraction so Syria and Iran can America be relationship with terrorists the obama regime did this all for money
A sharp discrepancy between Syria's economy and its currency is fueling speculation among observers that either another country has injected cash into its economy or Damascus is quickly draining its foreign-currency reserves. Other developments Libya: Rebels surrounded Libya's last functioning oil refinery in the battle for the strategic western city of Zawiya and lay siege to about 100 government troops inside, who closed the gates of a residential compound to prevent workers from fleeing. Seizing the city could leave Moammar Gadhafi cornered in his stronghold of Tripoli, where witnesses said there was no electricity Wednesday, a further sign of the toll the rebellion has taken.
Egypt:
Veteran diplomat Anne Patterson, the new U.S. ambassador to Egypt,
presented her credentials Wednesday to the country's ruling military
council without fanfare in a sign of chilled relations between the
countries after the fall in February of President Hosni Mubarak, who
for 30 years was one of America's most reliable allies.
Seattle Times news services
Seattle Times news services
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BEIRUT — A sharp
discrepancy between Syria's nose-diving economy and its relatively
stable currency is fueling speculation among observers that either
another country — presumably strategic, oil-rich ally Iran — has
injected huge amounts of cash into its economy, or Damascus is quickly
draining its foreign-currency reserves. Iran and Syria's overall
economy, stock market, vital tourism industry and foreign investment
have collapsed, according to economists and analysts. It appears to
have hemorrhaged cash, with the bulk flowing to Lebanon, which has long
served as a conduit for Syrian finances.
But its currency, the Syrian pound, has held strong, staying about the same as before an uprising against President Bashar Assad began five months ago.
The disconnect between the teetering economy and the stable currency, which remains vital for keeping the country's urban merchant class a pillar of support for the regime, has baffled some observers and led to speculation about possible influxes of cash.
"You have the collapse of exports and the collapse of foreign direct investment," said a Western diplomat in Beirut who closely tracks the Syrian economy and spoke on condition of anonymity. "Given the fact that the currency has not collapsed, the indications are that money is coming in. No one knows from where, or how much."
Many economists and officials agree that, up until the uprising began, Syria's prospects were relatively good, with many predicting a banner year for the country thanks to an uptick in tourism, investment from Iran and the Arabian Peninsula kingdoms, and increased trade with Turkey.
But because of the political crisis engulfing the country, its gross domestic product, earlier projected to weather the global economic crisis and grow 3 percent, will instead probably shrink 5 percent or more.
Tourism, which accounted for $4 billion annually, or 12 percent of its economy, has collapsed.
Syria also may have begun drawing on extensive reserves that officials claimed had reached $17 billion, built up over the decades to keep the currency solid and the merchant class supportive — or at least quiet about the crackdown against the protest movement.
Though Syria exports $4 billion in crude oil annually, it also imports about the same in refined petroleum.
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http://patcnews.net/index.php?option=com_content&view=category&layout=blog&id=101&Itemid=280But its currency, the Syrian pound, has held strong, staying about the same as before an uprising against President Bashar Assad began five months ago.
The disconnect between the teetering economy and the stable currency, which remains vital for keeping the country's urban merchant class a pillar of support for the regime, has baffled some observers and led to speculation about possible influxes of cash.
"You have the collapse of exports and the collapse of foreign direct investment," said a Western diplomat in Beirut who closely tracks the Syrian economy and spoke on condition of anonymity. "Given the fact that the currency has not collapsed, the indications are that money is coming in. No one knows from where, or how much."
Many economists and officials agree that, up until the uprising began, Syria's prospects were relatively good, with many predicting a banner year for the country thanks to an uptick in tourism, investment from Iran and the Arabian Peninsula kingdoms, and increased trade with Turkey.
But because of the political crisis engulfing the country, its gross domestic product, earlier projected to weather the global economic crisis and grow 3 percent, will instead probably shrink 5 percent or more.
Tourism, which accounted for $4 billion annually, or 12 percent of its economy, has collapsed.
Syria also may have begun drawing on extensive reserves that officials claimed had reached $17 billion, built up over the decades to keep the currency solid and the merchant class supportive — or at least quiet about the crackdown against the protest movement.
Though Syria exports $4 billion in crude oil annually, it also imports about the same in refined petroleum.
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http://www.theblaze.com/
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