Exchange Companies to Keep to 40% of Foreign Currency

DAMASCUS, (ST) – The Central Bank of Syria has decided to allow exchange companies to keep to 40 percent of the proceeds of foreign transfers.

This came through the intervention session in the foreign exchange market in the presence of companies and exchange offices to study the reasons behind the recent drop in the foreign exchange market.

The participants confirmed that the reason for the decline is due in large part to attempts to speculate on the exchange rate to make a profit at the expense of the citizens in addition to the return of the signs of economic recovery as a result of the return of several industrial establishments to work again and the growing import needs for raw materials that has created a gap in supply and demand in the foreign exchange market.

 The Governor of the Central Bank of Syria Dr. Adib Maiyyala said in a statement to local press that the bank is continuous in intervention in the currency market through weekly intervention sessions, starting from early next year to achieve stability in the market and the return of the exchange rate to the equilibrium level and the strong presence of the bank in the foreign exchange market.

He pointed out that allowing the exchange companies to retain a percentage of transfers allows them the largest margin in time to meet the market demand for commercial and non-commercial purposes and increase their ability to finance importers requests in accordance with the laws and regulations.

He noted that the banking establishments have the right to submit daily applications for the financing of imports in accordance with the new resolutions that allow the possibility of finance to the importer, including prepaid finance funding under the proforma invoice.

Sh. al -Khatib