CBS raises limit of financing import licenses from USD 150,000 to 300,000

Damascus, SANA- Governor of the Central Bank of Syria (CBS) Adib Mayaleh announced on Tuesday raising the upper limit for financing of import licenses via exchange companies from USD 150,000 to 300,000 per importer, in parallel with financing through banks for all import licenses.

During an emergency intervention session attended by representatives of currency exchange companies to discuss the latest developments in the currency exchange market, Mayaleh affirmed that the CBS started since Tuesday morning to intervene directly in the market using unconventional methods.

He called on exchange companies to submit their suggestions about the required intervention measures that may contribute in restoring stability to the exchange rate of the Syrian Pound.
Mayala underlined the CBS’ procedures in terms of stabilizing the exchange rate by contributing in boosting production and the flow of goods in local markets in addition to promoting export-focused production.

He reiterated that the CBS has the means to guarantee stability in the exchange rate at acceptable levels and to prevent speculators from creating price bubbles, saying that people shouldn’t be misled by false news or exchange rates posted online.

The CBS had announced in the previous intervention session the raising of the top limit of financing import licenses from USD  100,000 to 150,000 for each importer.

Manar al-Freih / Hazem Sabbagh

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