CBS obliges licensed exchange companies and offices to buy large sums of foreign currency to cover market’s need

Damascus, SANA – The Central Bank of Syria (CBS) obliged the licensed exchange companies and offices working in Syria to buy large sums of the foreign currency to cover the demand of the market in a new step that aims at restoring the exchange rate of the Syrian pound to its equilibrium levels.

The sums are estimated at USD 1 million for each company and USD 500 thousand for each exchange office with an exchange rate of SYP 184 for each dollar while they will be sold to citizens with SYP 185 for each dollar without any restrictions in a way that guarantees the market’s need of foreign currency even if the demands are huge.

The CBS Governor Adib Mayyaleh told SANA that the CBS closely follows up the developments of the market and the exchange rates through holding daily intervention sessions to take qualitative and effective measures that would restore the exchange rate to accepted levels and would guarantee its stability.

The Bank also decided to hold a new intervention session on Sunday, affirming that it continues to sell large and huge slices of the foreign currency to the licensed exchange companies in Syria to prevent any gabs in the supply of the foreign currency and to restore the balance of the market.

Mayyaleh warned that the CBS will take strict measures towards whoever tries to manipulate the stability of the Syrian pound.

Ruaa al-Jazaeri / Ghossoun