CBS Pumps $ 65 mln to Cover Foreign Exchange Market

DAMASCUS, (ST) – The Governor of the Central Bank of Syria (CBS) Dr. Adib Maiyala announced the start of pumping $ 65 million to cover the market’s need of foreign exchange for commercial and non-commercial purposes in accordance with the non-traditional mechanisms that cope with the emergency developments in the market process.

Through an intervention in the foreign exchange market session held on Friday right after renewed practices and speculations on the Syrian pound without a positive justification, Dr. Maiyala  pointed to the obligation of the licensed exchange establishments operating in the country, “companies and offices,” to buy the first tranche of the foreign exchange value of $ 5 million at a price of 215 pounds to the dollar to meet the market need and cover the demand of foreign exchange gap that they can sell it to citizens in the same price of 215 pounds to the dollar to cover foreign currency for all commercial and non-commercial purposes requests.

Dr. Maiyala stressed the continuation of funding for financing imports applications submitted by banks as well as funding applications submitted to the banking institutions through the proceeds of remittances received, confirming the continuation of holding interference sessions and injecting the needed tranche to meet the commercial and non-commercial purposes sessions until the rate of the Syrian pound exchange returns to equilibrium levels.

The CBS will hold the following intervention session in the foreign exchange market next Tuesday morning to provide the market’s need of foreign exchange and to sell the second tranche.

The bank on Thursday announced its intention to monitor the $ 65 million to be sold in the market for all commercial and non-commercial purposes throughout the month of February in the next mechanism for non-traditional intervention in the foreign exchange market.

Sharif al -Khatib