Syrian Central Bank exchange rate hits record high

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Syrian state media says the Central Bank has ordered money changers to exchange currency at 620 Syrian pounds to the dollar, an unprecedented rate that reflects its eroding value.

State media says the bank will reevaluate the rate daily and make adjustments without forewarning.

The new rate means the Syrian pound is now worth one-thirteenth of its pre-war value. It traded at 47 pounds to the dollar before protests broke out against President Bashar Assad's government in 2011. A harsh government crackdown helped pull the country into all-out war.

The currency's value has eroded since Russia announced it was scaling back its involvement in the war on the side of the government, in March, when it traded on the black market at roughly 440 pounds to the dollar.