CBS holds new intervention session in the foreign exchange market

Damascus, SANA- The Central Bank of Syria (CBS) held on Monday a new intervention session in the foreign exchange market with the presence of representatives of exchange companies and offices and national media within the framework of a series of intervention sessions which were announced last week.

CBS Governor Adib Mayaleh noted the gradual stabilization of the foreign exchange due to the recent steps and measures undertaken by the bank, particularly starting to sell USD 150 million which were announced in the previous session to secure the needs of the market during this week.

Mayaleh stressed that CBS continues holding intervention sessions to study the developments in the foreign exchange market and assess the conclusions of previous measures, announcing a new intervention session next Thursday in addition to increasing the supply to cover the needs of the market so that to reach an acceptable exchange rate.

CBS governor added that CBS continue to meet all the requirements of the market of foreign exchange for the purpose of financing imports and personal needs of citizens, renewing call for importers to submit their applications through the banks and licensed exchange companies to finance their imports with distinguished prices.

Mayaleh assured the citizens about the stability in the exchange rate during the coming period due to the adopted package of measures and decisions the CBS is taking and continuing to hold positive market intervention sessions which will lead to a stable exchange rate.

During the session, exchange companies and offices were sold the required amounts of foreign exchange to finance commercial and noncommercial operations at a special price of SYP 405 for USD 1.

Mayaleh said in a statement on Sunday that CBS will expand the framework of its interventions in the provinces, especially those that have begun to see a vast productivity and industrial movement particularly Aleppo and Hama.

Qabas/ Manal

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