Syria tries to stabilize ailing currency

Staff Writer
Columbus CEO

DAMASCUS, Syria (AP) — Syrian state media says the central bank is pumping up to $200 million into the market to help boost the sagging Syrian pound.

Three government newspapers — Baath, Thawra and Tishrin — carry reports Monday about the plan.

The Syrian pound has plummeted against the dollar, spiking at 318 pounds to the dollar compared to 150 pounds three months ago.

Syria's central bank started selling tens of millions of dollars over the weekend as part of its plan to inject up to $200 million to try to stabilize the pound.

The official exchange rate is set at 260 pounds. The Syrian currency was trading at 292 to the dollar on the black market Monday.

Central bank governor Adib Mayyaleh urged Syrians not to trade on the black market.