Islamic State orders Syrian businesses to use its currency

In an attempt to assert its own monetary policy, the Islamic State has decreed that traders use its currency, the dirham, setting its value at 1,000 Syrian pounds ($1.80) per dirham.

In an audio statement, the IS said the Syrian 1,000- and 50-pound notes would be banned in the areas under its control as of July 25, Reuters reported.

The exchange rate for the IS's currency will bedeclared daily, Reuters reported.

The announcement comes at a time when the IShas found its grip on the territory under itscontrol under threat.

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