CBS: Foreign currency price dropping, market responding to intervention measures

Damascus, SANA- The Central Bank of Syria (CBS) asserted on Tuesday that there are strong indicators that the foreign currency market began responding to the measures being taken to stabilize exchange rates, with foreign currency prices beginning to drop to around SYP 590 against 1 USD.

In a statement to SANA, the CBS pointed out that the market witnessed a big supply of foreign currency without much demand, because the people dealing in foreign currency, mainly the speculators, are worried about the continuous decline of the foreign currency price in light of the extensive presence of the CBS in the market.

The CBS set the exchange rate of the imports and money orders at SYP 555 against the USD.

Reem / Hazem Sabbagh

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