CBS compels banks to sell foreign exchange for importers

Damascus, (ST) – The Central Bank of Syria yesterday issued a new decision to activate the role of banks operating in the foreign exchange market in order to balance the market and restoration needs.

 “It has been proved to everyone that the banks are the safest channel to finance imports through operational machining centers”, according to a statement of the bank.

In a complement to a package of measures recently taken by the CBS regarding the activation of the role of banks operating in the foreign exchange market, the Governor of the CBS Duraid Dergham explained in a statement to local press that “the decision is designed to ensure fairness between importers for funding applicants by forcing banks to sell foreign exchange for each importer in proportion to the sum of the values to be funded,” according to a statement of the bank.

“The success of the decision requires that importers submit their needs of foreign exchange for the purpose of financing imports to their banks to get the next day on the desired exchange with the size of their funding,” Dr. Dergham said.

“The disciplined banking channels achieve greater stability in the exchange rate of the Syrian pound and that the new decision will contribute to the achievement of justice among importers to facilitate operations licensed requests,” he added.

It is said that the Council of Finance and Credit issued last July, a decision to activate the role of banks operating in Syria to fund exchange market for commercial and non-commercial purposes through operational exchange centers fed by the outcome of remittances received from abroad in addition to purchased resources from individuals and financial institutions and operations between banks.

Sh. Kh.