President Bashar Al Assad sacks Syria's Central Bank chief

President's action comes during crash in value of national currency

Syrian President Bashar Al Assad sacked the governor of war-ravaged Syria’s central bank amid a crash in the currency in recent months. AP

President Bashar Al Assad of Syria sacked the country's Central Bank governor on Tuesday during a crash in the currency in recent months.

State media did not give a reason for the removal of Hazem Qarfoul from the post he held since late 2018.

The Syrian pound set a record in March, trading on the black market at 4,600 pounds to the dollar before improving to 3,100. The official price is 1,256 Syrian pounds to the dollar.

At the start of the conflict in March 2011, the dollar was worth 47 Syrian pounds.

The currency crash plunged many Syrians into poverty. The pound is being hit hard by the war, corruption, western sanctions and, more recently, a financial and economic collapse in neighbouring Lebanon.

Syrians are believed to have billions of dollars blocked in Lebanese banks that imposed strict capital controls in late 2019.

The average salary in Syria is about 90,000 pounds ($29) a month, making it difficult for many Syrians to buy necessities.

The UN estimates that nearly 80 per cent of them live under the poverty line.

In recent months, fuel and wheat were in short supply, driving the government to reduce subsidies and ration resources.