CBS starts to hold daily intervention sessions

Damascus, SANA- Governor of the Central Bank of Syria (CBS) Adeeb Mayaleh announced that the bank will hold daily intervention sessions through the exchange companies to sell foreign currencies to citizens for personal and commercial reasons according to the price set by the bank.

During an emergency intervention session Sunday attended by the licensed currency exchange companies, Mayaleh indicated that all the exchange companies and offices are allowed to submit their applications to buy the foreign currency form the CBS daily to meet citizens’ needs of foreign currency for non-commercial purposes.

He affirmed that CBS will continue to finance all the exportation licenses including the licenses whose value exceeds USD 300.000, expressing CBS’ readiness to finance all imports through the currency exchange companies and the banks which provide a daily finance estimated at about USD 6 million.

He reviewed the latest developments of the foreign currency market and the reasons behind the unjustified decrease in the exchange rate of the Syrian Pound with the aim of taking the required measures to control the exchange rate.

He asserted that there is a positive response in the local market with the latest decision of the CBS on raising the finance of importation licenses from USD 150 thousands to USD 300 thousands with the aim of attracting more commercial demand from the market.

Mayaleh called upon the currency exchange companies to be more active in the market through improving the services which they provide to the citizens whether those which are related to handing the remittances or those which are related to selling the foreign currency.

He said that the CBS seeks to prepare a number of performance standards for each company and exchange office with the aim of encouraging them to play an active role in the market.

Mayaleh reiterated his call upon the citizens and representatives of the economic activities such as the merchants and industrialists to not deal with the black market and not to believe the false exchange rates circulated by some websites and electronic pages and to get the foreign currency from the banks and currency exchange institutions to meet the real demand on the foreign currency.
R. al-Jazaeri/ Barry

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