CBS: Significant improvement in exchange rate price of SYP against USD

Damascus, SANA- The Central Bank of Syria (CBS) asserted that the recent intervention plan which started on May 10 led to a significant improvement in the exchange rate price which reached SYP 70 against 1 USD, adding that this improvement must inevitably be reflected on the goods prices in the market.

In its statement on Wednesday, the CBS pointed out that its intervention in the foreign exchange market led to an increase in the supply of foreign currencies and absorbing the surplus of the Syrian pounds as the demand for the Syrian pound increased in an unprecedented way.

About the steps taken by the CBS, the statement explained that the CBS increased the exchange rate of money orders from abroad to match the exchange rates prevailing in the market.

The CBS recommended that citizens transfer money orders from abroad to Syria through the official money exchange channels via banks and licensed exchange companies.

Manar al-Frieh/Manal

Check Also

Syrian Economy Conference discusses prospects of developing digital transformation

Damascus, SANA-The activities of the Syrian Economy Conference under the motto “Investment Visions and Horizons …