Syria switches foreign currency use from dollar to euro
Syria-USA, Politics, 2/14/2006

Syria has switched all of its state foreign currency transactions to euros from dollars amid a political challenge with the United States, head of state-owned Commercial Bank of Syria said on Monday.

"This is a precaution. We are talking about billions of dollars. Switching to the euro will help us avoid settlement problems in the United Sates," Duraid Durgham said in statements to the media on this occasion. He continued that this measure is also required to avoid complications with our correspondent banks, which have expressed a preference to deal in euro under these conditions.

He also added that the Commercial Bank Of Syria, which dominates the Syrian market, also stopped dealing in dollars for international private flows, such as imports, exports and letters of credit.

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