CBS to pump foreign currency into market next week

Damascus, SANA_ The Central Bank of Syria will pump USD 100 million through banks for the purposes of financing imports and USD 50 million through the exchange companies next week according to a new mechanism followed by the Bank by the beginning of this week.

Governor of the CBS Adib Maiyyaleh, during an intervention session on Thursday, pointed to the measures currently taken to support  the stability of the exchange rate and allow the exchange companies to keep about  30 % of the daily returns of remittances of the foreign currencies for the purposes of positive intervention in the currency market  whether commercial and non-commercial.

The measures also allow the exchange offices to buy foreign currencies from exchange companies to increase effectiveness of its activity at the currency market and the process of intervention to reach the largest possible segment of demanders of foreign currencies.

Maiyyaleh said that the bank will follow up the positive and effective intervention in the market and pump foreign currency through banks and licensed exchange companies.

Ghossoun /