Damascus, SANA – The Central Bank of Syria (CBS) announced on Tuesday that has compelled all exchange companies to sell foreign currency to citizens directly at SYP 620 against USD 1 without receiving any commissions.
The CBS also obliged all the exchange companies to buy USD 1,000,000 and all exchange offices to buy USD 100,000, adding that any institution does not implement this purchase request will be closed by immediate decision.
The CBS will evaluate on daily basis the exchange rate of the USD against the SYP in order to put it on the gradual downward path in accordance with the changes, and steps to achieve that will be carried out rapidly and without any prior notice.
Later in the day, the CBS held an intervention session for the currency markets of Damascus and Aleppo, which was attended by representatives of currency exchange companies.
CBS Governor Adib Mayyaleh claimed that the rise in the exchange rate during the past ten days, a rise of over SYP 100, is unjustified based on the CBS’s information about supply and demand.
He said that the CBS took on Tuesday a series of step to reduce demand for foreign currency and increase supply in Damascus, Aleppo, and other currencies, and that these steps will continue until the prices reach “acceptable levels.”
Earlier today, the CBS set the exchange rate of the USD against the SYP at 512.49 for banks, 512.64 for exchange companies and 515 for transfers.
The bank set the price of the EUR against the SYP at 584.78 for banks, 584.95 for exchange companies and 585.79 for transfers.