Syria named Issam Hazima as governor of the central bank on Tuesday, just a week after sacking Hazem Karfoul, who received wide rage criticism of his handling of the currency crisis that drove the Syrian pound to record low.
Hazima was one of two deputies of former governor Karfoul.
The collapse of the lira has fueled inflation and exacerbated hardships as Syrians struggle to buy food, energy and other essentials.
The lira reached 4,700 against the dollar last month, registering a record low, before strict capital controls and a crackdown on black market exchange dealers helped stabilize it.
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The Central Bank of Syria headquarters in Damascus, 17 June 2020 (Louai Beshara/AFP via Getty Images)[/caption]
Syria imposed stricter controls on bank withdrawals and internal transfers, as well restrictions on the movement of cash across the country.
In recent days, the local currency strengthened after the country raised the official exchange rate on Thursday to 2,512 to the dollar from 1,256, bringing it closer to the black market rates.
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