“The Syrian pound has lost almost 70% of its value over the past 12 months. There are no official up-to-date inflation figures but in an interview Syria’s Deputy Prime Minister for Economic Affairs Kadri Jamil estimated that inflation reached about 120% at the end of 2012. Mr. Jamil said the hyperinflation was a result of declining production because of the war and a sharp increase in money supply. On Sunday, President Assad issued a decree aimed at combating what the government described as the ‘dollarization’ of the economy. The decree imposes heavy fines and prison terms of as long as 10 years for anyone conducting commercial transactions in a currency other than the Syrian pound.”

http://online.wsj.com/article/SB10001424127887323420604578651660647693182.html

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