al-Thawra: Dollar crisis in Syria might be political, says bank
Syria, Economics, 11/19/2005

Director of the Commercial Bank of Syria said on Thursday that Syrians rushing to buy dollars in the last few days is a crisis that might be due to political reasons rather than economic reasons.

In an interview with al-Thawra daily, Doureid Dergham said "The crisis might be political but it is not an economic crisis," adding that the dollar would go back to its normal level, as happened in other crises, when small investors were those who first paid the price when they changed their reserves into dollar thinking that they are protecting their money.

For his par, Governor of the Central Bank of Syria Adib Mayaleh noted that many procedures could be taken by the bank to deal with the dollar high exchange rate, but kept short of saying what would these measures would be.

He noted that the monetary situation "is good and it is moving for the better." The dollar has jumped in the recent few weeks to 58 Syrian pounds per dollar up from the 53 or 54 value of recent times, due to many Syrians rush to change their reserves into dollars.

"If the crisis is a political one, then, we have to be aware and coherent as well we have to believe in our homeland cause and what it is exposed to."

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