BREAKING NEWS

Syria selling gold reserves as sanctions bite

By REUTERS

APRIL 18, 2012 17:51

PARIS/DUBAI - Syria is trying to sell gold reserves to raise revenue as Western and Arab sanctions targeting its central bank and oil exports begin to bite, diplomats and traders said.

Western sanctions have halved Syria's foreign exchange reserves from about $17 billion, French Foreign Minister Alain Juppe said on Tuesday after a meeting with about 60 nations aimed at coordinating measures against Syrian President Bashar Assad's government.

"Syria is selling its gold at rock bottom prices," said a Western diplomatic source, declining to say where it was being sold.

A second diplomatic source confirmed the information, adding that Damascus was looking to offload everything it could to raise cash, including currency reserves.

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