PM Heads a Meeting of Monetary, Credit Council

DAMASCUS, (ST) – Prime Minister Dr. Wa’il al -Halaqi yesterday chaired a meeting of the Monetary and Credit Council to follow up the reality of the exchange rate of the Syrian Pound and to know the real reasons behind the speculation taking place currently on the exchange rate of the Pound against foreign currencies, especially after a stability period lasted more than three months and restoring confidence in the Syrian pound.

Dr al –Halaqi pointed to the negative effects of the instability of the exchange rate of the Syrian pound on the national economy, citizens, merchants, and depositor as well as the prices of imports and commodity, stressing the importance of taking decisions by Monetary and Credit Council to strengthen the capacity of the Syrian pound in light of the challenges facing the national economy.  

The Premier stressed the importance of issuing decisions concerning the revelations of citizens about the stability of the exchange rate, maintaining the purchasing power of the deposits and the provision of financial convenience of banks to finance imports and the importance of the availability of accurate data base for imported materials, improving the performance of banking networks and the development of equipment and techniques including ATMs.

Dr al –Halaqi underlined the importance of the decisions of the Monetary and Credit Council to enable the national economy to get to a balanced exchange rate, face the economic war and the importance of monitoring the work of the exchange market, especially irregular cashiers and speculations in the market and prosecute anyone who tries to manipulate the stability of the exchange rate.

He pointed out to a number of new procedures to monitor the performance of the exchange market and the pursuit of speculators and the importance of reconciliation between monetary and fiscal policies, pointing to a package of economic measures that can be taken to enhance the exchange rate of the Syrian pound, adjust the price in the market and its stability.

Talks also dealt with the mechanisms and proposals that lead to strengthen and enhance the Syrian pound to face the economic challenges and negative repercussions.

At the end of the meeting, many important economic and monetary decisions, which will be reflected positively on the exchange rate of the Syrian pound, were adopted.

Sharif el -Khatib