Central Bank holds intervention session

Damascus, SANA – The Central Bank of Syria (CBS) held an intervention session on Tuesday as part of its ongoing efforts to stabilize the SYP exchange rate.

CBS Governor Adib Mayyaleh that intervention will continue in the currency market in order to stabilize the SYP price and curb speculators and prevent them from manipulating prices, with the CBS employing direct intervention by providing foreign currency to the private sector to fund imports along with other unconventional steps.

He also reiterated his calls for businessmen to fund imports via licensed banks instead of resorting to alternative markets.

Representatives of currency exchange companies attending the session said that the recent steps taken by the CBS have been largely successful in creating a state of stability and calm in the currency market by preventing any gaps in currency supplies.

Hazem Sabbagh

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