Constant, Continuous Improvement in SP Rate

DAMASCUS, (ST) – Central Bank of Syria urged the banking establishments to “increase the effectiveness of its intervention in the market to tighten the screws on the activity of the parallel market and downsizing within the laws and regulations governing the activity” with regard to dealing in foreign currency and selling it to citizens fairly for the personal purposes.

During an intervention session held by the bank in the presence of representatives of exchange establishments licensed in Syria to follow up on the effectiveness of recent actions carried out by the bank in the market and the extent of its impacts on the situation of the Syrian pound exchange rate against the US dollar, Governor of the Central Bank of Syria  Dr. Adib Maiyala renewed emphasis on “the readiness of the Central Bank to finance all import requests received through the establishments licensed with a fair exchange rate.

For their part, representatives of the exchange establishments confirmed the effectiveness of the intervention mechanism carried out by the Central Bank of Syria during the past few days and the Bank’s success through “directing a blow to speculators and manipulators in the exchange rate in the parallel market. The exchange rate in the market has witnessed a constant and continuous improvement for the price of the Syrian pound since last Wednesday.

 During the previous intervention session, held on April 26, the Bank announced to intervene continuously and daily in the foreign exchange through the exchange establishments to sell citizens the foreign exchange for personal non-commercial purposes as specified price by the Bank.

Sh. al -Khatib