By Timour Azhari
DAMASCUS (Reuters) – The vaults of Syria’s central financial institution include practically 26 tonnes of gold, the identical quantity as at first of the bloody civil battle in 2011, even after the chaotic fall of Bashar al-Assad’s despotic regime , realized 4 shut sources. with the scenario advised Reuters.
However the nation has solely a small quantity of overseas foreign money reserves in money, the identical individuals stated.
Syria’s gold reserves stood at 25.8 tonnes as of June 2011, in line with the World Gold Council, which cites the Central Financial institution of Syria as its knowledge supply. That is price $2.2 billion at present market costs, in line with Reuters calculations.
The central financial institution’s overseas trade reserves, nonetheless, stand at round $200 million in money, one of many sources advised Reuters, whereas one other stated U.S. greenback reserves amounted to ” lots of of tens of millions.
Though not all reserves can be held in money, the decline is substantial from earlier than the battle. On the finish of 2011, the Syrian central financial institution declared $14 billion in overseas trade reserves, in line with the Worldwide Financial Fund. In 2010, the IMF estimated Syria’s overseas trade reserves at $18.5 billion.
Greenback reserves have been practically depleted as a result of the regime has more and more used them to finance meals, gas and Assad’s battle effort, present and former Syrian officers advised Reuters.
Media representatives for Syria’s new administration and the Syrian Central Financial institution didn’t reply to Reuters requests for remark concerning the dimensions of the central financial institution’s reserves.
Syria stopped sharing monetary data with the IMF, World Financial institution and different worldwide organizations shortly after the Assad regime suppressed pro-democracy protests in 2011, in a crackdown that degenerated into civil battle.
Syria’s new authorities, led by former rebels, continues to take stock of the nation’s belongings after Assad fled to Russia on December 8. The looters briefly entered elements of the central financial institution, taking with them Syrian kilos, however didn’t enter the principle vault. Reuters reported.
A few of what was stolen was later returned by Syria’s new leaders, Syrian officers advised Reuters.
The protected is bomb-proof and requires three keys, every held by a unique particular person, in addition to a mix code to open, one of many sources stated.
The vault was inspected by members of Syria’s new administration final week, two sources stated, days after rebels took management of the Syrian capital Damascus in a lightning offensive that ended greater than 50 years of rule by the Assad household.
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