As sanctions bite, Syria said to be selling gold reserves at 15% discount

Submitted by cpowell on 11:24AM ET Wednesday, April 18, 2012. Section: Daily Dispatches
Syria Selling Gold Reserves as Sanctions Bite: Sources
By John Irish and Amena Bakr
Reuters
Wednesday, April 18, 2012
http://www.reuters.com/article/2012/04/18/us-syria-gold-idUSBRE83H0RZ201...
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 President Bashar al-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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