(ISRAEL NATIONAL NEWS) — Syria is moving to liquidate its gold reserves to raise revenue as Western and Arab sanctions targeting its central bank and oil exports cut into its cash reserves.

Syria’s foreign exchange reserves have been halved from about $17 billion, French Foreign Minister Alain Juppe said on Tuesday.

“Syria is selling its gold at rock bottom prices,” he said after a meeting with about 60 nations aimed at coordinating measures against President Bashar al-Assad’s government.

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