US Treasury Bans Dealings With Syrian Bank

Discussion in 'Current Affairs, News and Analysis' started by Not_Whistlin_Dixie, Mar 12, 2006.

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  1. From the Associated Press.

    The United States Treasury has ordered American financial institutions to refrain from dealing with a pair of affiliated state-owned Syrian banks: the Commercial Bank of Syria and the Syrian Lebanese Commercial Bank.

    Linked article says the Treasury issued a press release stating that the order was made to combat "money laundering."

    The Syrian finance ministry reject the allegation of money laundering as baseless.

    Syria says U.S. order to halt business with two banks part of political pressure

    "Syria says U.S. order to halt business with two banks part of political pressure"
  2. From Kuwait News Agency.

    The Syrian government is retaliating by "using euros instead of dollars in its budget."

    I'm not sure I understand that proposition. I assume that Syria never computed its state accounts balances in terms of U.S. dollars and I don't see how it could affect the United States or the U.S. dollar if Syria did.

    Linked article notes that Syria already suspended dealings in dollars by state institutions.

    "Syria Uses Euros Instead Of Dollars In Its Budget"