CBS Governor: More intervention measures that haven’t been applied yet are available

Damascus, SANA – Governor of the Central Bank of Syria (CBS) Adib Mayyaleh said on Wednesday that the CBS has several more measures which have not been applied yet within the intervention plan, noting that any tampering with the stability of the SYP exchange rate by the black market and speculators will be met with stern actions.

Maiyaleh added in a statement that the intervention of the CBS in the currency exchange market aims at ensuring stability in the exchange rate without paralyzing economic activity, adding that the intervention plan is based on buying and selling foreign currency and adjusting the exchange rate within acceptable margins in line with the economic cycle and in a manner that maintains stability.

The Central Bank also explained in a statement that raising the price for money transfers on Wednesday aims at maintaining the continuous flow of transfers through banks and currency exchange companies to ensure good prices for citizens.

The statement affirmed that the CBS will not allow speculators to drive up the exchange rate in the market, and that it will not allow them to exploit the increased demand in the northern and northeastern provinces to drive up the price in Damascus to make illicit gains.

On Wednesday, the CBS set the exchange rate of the USD at SYP 495.

Qabas/ Hazem Sabbagh

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