By Timour Azhari
DAMASCUS (Reuters) – The vaults of Syria's central financial institution comprise almost 26 tonnes of gold, the identical quantity as at the beginning of the bloody civil battle in 2011, even after the chaotic fall of Bashar al-Assad's despotic regime , discovered 4 shut sources. with the state of affairs informed Reuters.
However the nation has solely a small quantity of overseas foreign money reserves in money, the identical individuals mentioned.
Syria's gold reserves stood at 25.8 tonnes as of June 2011, in keeping with the World Gold Council, which cites the Central Financial institution of Syria as its knowledge supply. That's value $2.2 billion at present market costs, in keeping with Reuters calculations.
The central financial institution's overseas alternate reserves, nonetheless, stand at about $200 million in money, one of many sources informed Reuters, whereas one other mentioned U.S. greenback reserves amounted to ” tons of of hundreds of thousands.
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 alternate reserves, in keeping with the Worldwide Financial Fund. In 2010, the IMF estimated Syria's overseas alternate reserves at $18.5 billion.
Greenback reserves have been almost 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 informed 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 info 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 components of the central financial institution, taking Syrian kilos with them, 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 informed Reuters.
The protected is bomb-proof and requires three keys, every held by a special particular person, in addition to a mix code to open, one of many sources mentioned.
The vault was inspected by members of Syria's new administration final week, two sources mentioned, 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.
Led by the Hayat Tahrir al-Sham group, a former al-Qaeda affiliate that has lengthy disavowed such ties, the brand new administration shortly established a authorities and consolidated management of state establishments.
Reuters was unable to entry the central financial institution's vaults.
RETURN TO WORK
The central financial institution headquarters, a big white constructing in central Damascus, reopened on Sunday, the primary day of Syria's working week.
It was teeming with workers in addition to individuals looking for entry to {dollars}, whereas others carried baggage stuffed with Syrian kilos.
Along with its meager US greenback reserves, the Syrian central financial institution can at the moment depend on a number of hundred million {dollars} of Syrian kilos in its reserves, a supply mentioned.
New overseas foreign money inflows have declined as a result of Syria misplaced its predominant supply of overseas revenue when Kurdish fighters and different armed teams seized fields within the nation's east in the course of the battle.
Syria has additionally been the goal of robust Western sanctions and the USA has sanctioned the central financial institution itself and blacklisted a number of of its governors.
However sources acquainted with the matter informed Reuters that the gold was by no means liquidated with a view to preserve enough collateral for Syrian kilos in circulation in the marketplace.
Syria's native foreign money depreciated from round 50 kilos to the greenback earlier than the battle to round 12,500 kilos on Monday.
Syria's new administration has demanded the lifting of worldwide sanctions to revitalize the economic system, rebuild the nation after years of battle and encourage hundreds of thousands of Syrian refugees to return residence.
However U.S. and European officers have mentioned they must wait and see what sort of administration the nation's new Islamist leaders put in place.
