Mayala: Some $ 75 Million to Cover Foreign Exchange Needs

DAMASCUS, (ST) – The Governor of the Central Bank of Syria (CBS) Dr. Adib Mayala stressed that the Central Bank of Syria’s imports of foreign exchange has shown a steady growth compared with the burdens and obligations in foreign currencies.

He announced, during the session to discuss the latest developments in the foreign exchange market in the presence of representatives of the banking institutions licensed operating in Syria, ” putting up US $ 25 million to be sold to exchange institutions licensed operating in Syria” to meet the purchase of foreign exchange for commercial purposes requests during the next three days with the readiness to finance any increase in market needs and “the allocation of US $ 50 million” so they can be pumped into the market to cover all of the foreign exchange needs during the next week, pointing to “the continuation of the bank to hold interference sessions and pump the market’s need of foreign exchange periodically so as to strengthen the supply and demand balance in the market and exchange rate stability. “

He pointed out the dangerous role played by a number of websites and pages in incitement and intimidation campaign to undermine the confidence of citizens in the Syrian pound, calling licensed banking sector institutions to take its role in the face of the activity of such sites by enhancing the credibility with the Syrian street.

Commenting on what indicated by the number of attendees about a slight drop of the Syrian pound exchange rate during the past two days, and the return to improve with the announcement of the intervention session, Dr.  Mayala confirmed that the market “is still in a state of relative balance between real supply and demand of foreign exchange despite continuing attempts by speculators to exploit and employ a number of factors and developments related to the crisis in Syria to create chaos in forming the exchange rate that allows them to achieve special gains at the expense of small savers. “

Dr.  Mayala pointed out that the past three months have witnessed “remarkable and important stability in the Syrian pound exchange rate against the US dollar,” and this reflected a positive effect on the flow of goods, services and financing of imports.

The central bank’s direct intervention continues in the foreign exchange market through the funding of all private sector needs foreign exchange to finance imports by licensed banks or indirect use and non-traditional methods adopted by the Board of Monetary and Credit and that to keep pace with developments in the currency market adopted recently that aim to stop speculation on the lira operations.

 Sh. Kh.