The removal of Syrian President Bashar al - Assad Tuesday, the governor of Syria's central bank, Hazem Qaraful, in the midst of a stifling financial crisis.

According to the Syrian Official News Agency, "President Bashar al-Assad today issued Decree No. 124 of 2021 ending the appointment of Hazem Qaraful as Governor of the Central Bank of Syria."

Qaraful was Governor of the Central Bank of Syria in 2018 and holds a doctorate degree in financial and banking sciences from France.

The official agency did not indicate the reasons for the decision or the person who would be managing the Central Bank after Qaraful.

The reason for Qaraful's dismissal may have been the collapse of the Syrian currency, which has lost more than 100 percent of its value since he took office.

The Syrian lira recovered slightly from its lowest ever levels in late March, after authorities tightened controls on bank withdrawals and internal transfers, in an effort to stem the currency collapse.

The lira traded at 47 against the dollar prior to the outbreak of protests against Assad's rule in March 2011, but in recent months it has declined to 4000 against the dollar.