Pumping 2nd Slice in the Foreign Exchange Market

DAMASCUS, (ST) -The Governor of the Central Bank of Syria Dr. Adib Maiyala announced the start of pumping the second segment of the amount that has been allocated to intervene in the market amounting to US $ 65 million.

Through an intervention session in the foreign exchange market by the bank held yesterday, Dr. Maiyala  pointed to oblige exchange companies purchasing amounts ranging between 300.000 and 500.000 US dollars and exchange offices purchasing amounts ranging between 100.000 and 200.000 US dollars at an exchange rate of 215 pounds to the dollar to be sold to citizens and all commercial and non-commercial purpose at the same price. He also noted the continuation of financing applications of imports submitted by banks and exchange institutions.

“Licensed exchange institutions which have a large volume of applications than the amounts mentioned can submit requests to purchase additional amounts of foreign exchange from the Central Bank of Syria on a daily basis, warning of manipulating the exchange rate and speculation on the Syrian pound in the parallel market and the exploitation of speculators to small savers to achieve  illegal gains, reiterating the need for licensed banking institutions to adhere the instructions and directives issued by the Central Bank’s in respect of foreign exchange intervention mechanisms,” Dr. Maiyala confirmed.

“Next Sunday is going to be the date for the following intervention session to follow up the effectiveness of actions adopted and their impact on the Syrian pound exchange rate in order to complete the sale of the remaining segments of foreign exchange allocated to intervention in the foreign exchange market to regain its balance,” he added.

The bank monitored in the last Wednesday session, $ 65 million to be sold in the market for all commercial and non-commercial purposes in accordance with unconventional mechanisms to cope with emergency developments in the market.

Sharif al -Khatib