Central Bank of Syria to Sell 100 Million Euros

DAMASCUS,(ST)_ The Central Bank of Syria on Sunday notified licensed  banks and exchange institutions on selling  100 million euros, according to set quantities and prices at  the central bank  as from  May 22 . 

The governor of the Central Bank of Syria Dr. Adib Mayaleh said  that the procedure comes within the positive intervention process carried out  by the central  bank  to bring back exchange rate to reasonable levels. 

“The exchange rate the irregular market recently  dealt with is unreal  and only aims to exploit citizens needs but enables  foreign exchange traders to achieve illegal gains, ” Mayaleh said . 

He stressed   that the  Central  Bank will continue to pursue  irregular market dealers , and  reduce their activity , adding  that positive  intervention in the market  will continue by injecting foreign exchange to ensure exchange rate  stability and  that the central bank still have enough reserves to defend the exchange rate and ensure the basic needs of the country of  foreign currency.

T. Fateh