Intervention in the Foreign Exchange Market Next Week- Mayaleh

DAMASCUS,(ST)_The  Governor of the Central Bank of Syria Dr. Adib Mayaleh  announced that the bank has drafted  package of  decisions on  the  mechanism  of the exchange rate of the Syrian pound SP .

In a statement on Wednesday , Mayaleh said  that the central bank will remain the key player in the foreign exchange market and will intervene positively  to correct any deviations in the SP exchange rate as hard currencies  will be sold  to banks and exchange institutions  at prices that  ensure SP stability at acceptable levels.

“The central bank ‘s first  intervention in the foreign exchange market will begin early next week.” Mayaleh said.

He stressed that the  new mechanism ensures reduction irregular market activity , stressing that the reserves of the Central Bank foreign exchange are strong and ensure continued intervention in the foreign exchange market to maintain SP exchange rate stability and not to be  manipulated.

“The government is taking supportive package of measures that will preserve the SP  purchasing power and maintain citizen ‘s living standard.” He concluded.

T. Fateh