Penalties paid Syria to sell gold reserves

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Syria sell gold abroad to meet the bleeding in the reserves of foreign currencies (French)
Revealed diplomats and traders that Syria is seeking to sell gold reserves to get the revenue to counter the effects of sanctions, Arab and Western, which included the Central Bank of Syria and its oil exports, the source said a Western diplomat to Damascus to sell gold at low prices, but the source declined to disclose the place to sell gold.

The source said another diplomat said Syria is seeking to sell everything you can to get the cash, including foreign exchange reserves.

The French Foreign Minister Alain Juppe said yesterday, during a meeting of nearly sixty countries for the Coordination of punitive measures against the government of Bashar al-Assad, that the sanctions against Damascus, reduced foreign exchange reserves were estimated at half that before the penalties to $ 17 billion.

The European Union was ratified on February 28 last on the additional sanctions on Damascus prohibit trading in gold and precious metals with the Syrian government institutions.


Traders in Dubai said that Damascus was selling small amounts of gold to facilitate the sales process, but these deals are not in Dubai because the authorities to prevent unauthorized transactions

Rock-bottom prices
The gold traders in the UAE that Damascus was selling gold at least 15% from the market price, and added that the Syrian authorities to sell small amounts ranging from twenty to thirty kilograms because the sale easier.

According to the same sources, the Offers are made through private accounts are created with the providers of free e-mail, and said another dealer that sales Syria for gold in Dubai is not because the authorities there to prevent unauthorized transactions, or offers to bear the risks of these deals are only a few buyers potential.

According to data from the World Gold Council, Syria has 25.8 tonnes of gold last February, representing approximately 7.1% of total reserves, and given the prices of the spot market is valued at today’s gold reserves to Damascus with $ 1.36 billion.

Syrian authorities have not published any economic data since May / May 2011, making it impossible to verify data or gold reserves of foreign currencies