DAMASCUS,(ST)_ Governor of the Central Bank of Syria Dr. Adib Mayaleh stressed that the recent low exchange rate of the Syrian Pound SP against US $ in irregular market at SP 136 from SP 145 indicates that this increase is “a continuation of speculating on the SP , taking advantage of the closure of banks and licensed banking institutions during the official holiday . “
“Volume of operations implemented at SP 145 per US$ is almost negligible, a matter which confirms that the quoted prices in the black market are fake , in order to achieve illegal gains.”Mayaleh said.
He indicated that the current SP official exchange rate against the U.S. $ is SP 128.5 per US$, according to which import operations are financed to ensure continued flow of goods and basic materials at affordable prices.
He confirmed that the central bank still embarks on an ongoing process to intervene by selling foreign exchange to banks and exchange institutions to maintain the stability of the exchange rate and SP.
He noted tighten campaigns carried out by the Central Bank and competent authorities to adjust irregular activities in the black market ,stop the dealers and fine them heavily , according to enforced laws and regulations.
Dr. Mayaleh warned citizens against the consequences of rumors that manipulators disseminate in the black market to exploit their need for foreign exchange and speculate on the exchange rate, stressing that the central bank “is constantly ready to defend the exchange rate and that its cash reserves are strong and enough for that.”
T. Fateh