Friday, October 21, 2011

Syria may switch to Ruble from Euro

This is interesting.

Syria may start using the Russian ruble for banking transactions if the European Union bans it from operations in euros, central bank Governor Adib Mayaleh said today.

As a first step, the Syrian central bank has begun posting the exchange rate for the ruble as well as the Chinese yuan on its daily bulletin, Mayaleh said in an interview with the Arabic-language Russia Today channel.

“Don’t forget that we can carry out operations in rubles,” Mayaleh said, according to a e-mailed transcript of the interview. “In the nearest future we will agree on parameters for switching to close cooperation with Russian banks and using the ruble for international settlements.”

image borrowed from link below

Additional Reading. Here and Here

I have edited this post for reasons that will become apparent in a new post.

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