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CBS exempts exporters from returning foreign currency procured for export purposes

Damascus, SANA – Governor of the Central Bank of Syria (CBS) Adib Mayaleh issued on Thursday a decision to extend decision no. 679/L/A that exempts all commitments to return foreign currency sums procured for the purposes of exporting goods for all goods that will be shipped outside Syria by September 1, 2016.

The decision allows exporters to resell the returns of foreign currency from the sums used for export transactions in the market or use it to finance their imports of raw materials needed for manufacturing instead of returning it, Mayaleh explained in a statement to SANA on Thursday.

This will mean hundreds of millions dollars will be available in the market, leading to further drops in exchange rate, he stated, adding that the decision came within the second package of measures taken recently by the CBS to lower exchange rates.

The decision, he elaborated, will also help encourage exporting and prevent manipulation practiced by some through resorting to the black market to purchase the necessary money transfers to pay for commitments.

Mayaleh also announced that the CBS decided to allow banks to open accounts to deposit the value of personal transfers sent in foreign currency upon the recipients’ request.

The recipient can thereby withdraw money whenever they want in the Syrian Pound (SYP) and at the price set for transfers by the CBS on the date of withdrawal, according to the Governor.

This measure came upon the banks’ request, said Mayaleh, noting that it will encourage the process of using foreign currency for personal and savings purposes.

Haifa Said / Hazem Sabbagh

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