Central Bank Always Defends SP Exchange Rate- Mayaleh

 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