Syria Counts on $1 Billion Iran Fund to Support Pound
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Syria’s central bank said a $1 billion credit line from Iran will help support the pound as the currency extended its record slump after the U.S. decided last week to arm rebels fighting President Bashar al-Assad.
The central bank has set up a mechanism to use the credit to “finance a big part of the local market’s need, which will contribute to reducing the pressure” on the pound’s exchange rate, the state-run Sana news agency quoted Central Bank Governor Adib Mayaleh as saying. The report did not say when the credit line was given.