Syria devalued its currency by 44% on Wednesday, announcing a new official exchange rate for the pound amid chaos in the market, hours before new U. …
Syria devalued its currency by 44% on Wednesday, announcing a new official exchange rate for the pound amid chaos in the market, hours before new U. S. sanctions aimed at cutting off revenue for Syrian President Bashar Assad’s government took effect.
The sanctions, known as the U. S. Caesar Syria Civilian Protection Act, are the toughest set of measures to be imposed on Syria yet, preventing anyone around the world from doing business with Syrian officials or state institutions or from participating in the country’s reconstruction.
The State Department and the Treasury said later Wednesday that 39 Syrian individuals, including Assad and his wife and siblings, had been designated for the new sanctions.
Syria’s already troubled economy has sharply deteriorated, prices have soared and the national currency, the Syrian pound, collapsed in recent weeks, partly because of fears that the sanctions would further isolate the war-ravaged country.
Experts say the new sanctions, which are likely to deter businesses with links to Damascus in neighboring countries and among Assad’s allies, will be a heavy blow to a nation where more than 80% of the people already live in poverty, according to the United Nations.
