Maiyyaleh: CBS Revenues to Improve

DAMASCUS, (ST) – The governor of Central Bank of Syria Adib Maiyyaleh on Monday said that the revenues of the bank from foreign exchange are in steady improvement and has become a major contributor to the continuity of the process of intervention and effectiveness, pointing out that licensed offices are allowed to raise the maximum amount per capita for each individual to $ 500 for non-commercial purposes.

In a statement to local press, Mr. Maiyyaleh clarified that ” the bank is ready to meet the market’s needs of foreign exchange to finance necessary and essential imports,” pointing to ” the bank’s success in increasing the proportion to meet the demands of the pieces submitted for the purposes of importation to 55% of the approvals granted by the by the Ministry of Economy and Foreign Trade, in order to relieve the pressure on the parallel market exchange rate.”

The Central Bank finances a number of goods in respect of import operations , according to the central bank rate , while reports are talking about a low of amount of foreign exchange, due to the current events that the country witnesses.

In another context, he explained that the licensed offices of exchange are allowed to raise the maximum amount sold for each individual from U.S. $ 250 to $ 500 for non-commercial purposes in accordance with the regulations governing the sale of foreign exchange operations of the bank.”

“The determination of the bank to prevent any attempt to destabilize the observed exchange rate since November last through constant and positive intervention in the currency market and the tightening of controls on the activity of foreign exchange in the parallel market to limit any new attempts to speculate on the Syrian pound,” adding ” the importance of the efforts being made to encourage and motivate traders to get their needs of foreign exchange through private banks instead of the parallel market,” Mr. Maiyyaleh said.

The exchange rate of the lira stabilized relatively in recent months where the dollar exchange rate reached an average of up to 150 to 155 Syrian pounds, down from about 300 Syrian pounds last July.

Syrian officials have pointed out that the devaluation of the lira due to internal factors, represented in speculation and brokering the price of the pound in the market, in addition to external factors including economic sanctions, the attack on the lira and the siege on the country, while the economy is affected by the Syrian events experienced by the country that have great effect on the cash reserve in banks.

Sharif el Khatib