CBS: Intervention Sessions Continue
DAMASCUS, (ST) -The Governor of the Central Bank of Syria (CBS), Dr. Adib Maiyaleh, has confirmed that the intervention policy aimed at keeping the price of the Syrian pound and this policy will not stop as long as the market needs.
During a meeting held recently with the Syrian exchange institutions, the Governor of the Bank discussed the status of the exchange rate and showed the reality of supply and demand for foreign exchange.
Sessions of intervention by the central bank, the Governor added, are continuous and the bank has no intention to stop them especially such a policy has proved effectiveness in maintaining the stability of the exchange rate.
“This policy has also contributed to enhance the credibility of the central bank at the citizen who wasn’t driven behind speculations to undermine the strength of the lira,” Dr. Maiyaleh explained.
He also clarified that the central bank is continuous in funding imports by banks which negates the need to resort to the black market to buy foreign exchange.
The exchange institutions showed that there is a qualitative stability in the currency market now where the supply and demand of foreign exchange are within the normal limits and any change may happen in the exchange rate is an exceptional jump and the evidence can be seen through the return of the direct price to its equilibrium levels below150 sp.
Sharif el -Khatib