Syria replaces USD by Euro for its transactions  

DAMASCUS, Feb 13 (KUNA) -- The Syrian government decided Sunday to replace the US dollar by the Euro for its transactions to cover its overdue exportation, importation and services payments. Syrian Prime Minister, Mohammed Naji Al-Otri issued a notification in this regard to avoid any obstacles the banks overseas might practice within the framework of imposing sanctions on Syria.

Director General of the Commercial Bank of Syria Dureid Dargham said in a press release that this procedure is very important as there are threats from the US side against Syria which would result in complicating the banking procedures and the transfer operations into the country from corresponding banks in Europe, especially those that have major transactions with American banks.

He added that the notification of the premier comes as a precautionary measure.

Government sources believe that this decision is considered an attempt to safeguard the national economy especially that the US laws stipulate that any financial transactions in the USD have to pass through the American banking system.