CBS: Exporters must sell all foreign currency revenues to the bank

Damascus, SANA – Governor of the Central Bank of Syria (CBS) issued Thursday a decision compelling exporters to sell all of their foreign currency revenues to the bank.

The decision means that the scale of foreign currency revenues to be sold to the CBS has risen from the previous 50 % up to 100 %.

The CBS Governor Adib Mayyaleh explained in a statement to SANA that the decision was prompted by the latest economic developments and the drop in the price of the Syrian Pound (SYP) against the US Dollar.

He said a new mechanism for supporting exporters will be followed, which is to grant bonuses to exporters in exchange for the foreign currency revenues.

Industrial exporters are allowed to use their export revenues to fund their raw material imports, he added, noting that this is one of many measures taken to encourage national industry.

The CBS has recently committed itself to fund all demands for raw material imports, with Mayyaleh indicating an increase in the funds volume through funding import licenses given to the exchange companies and allowing state banks to resume granting short-term operating loans.

Haifa Said

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