CBS Governor: Indicators suggest exchange rate will drop

Damascus, SANA – The Central Bank of Syria (CBS) held an open intervention session the participation of representatives of currency exchange companies on Tuesday, in which it offered USD 50 million for sale to exchange companies which are to be sold for citizens and businessmen at the rate of SYP 383 per USD.

Chairing the session, Governor of the CBS Adib Mayyaleh said that the current shifting circumstances accompanying the crisis are very complicated and require flexibility in terms of government decisions, particularly those that affect the SYP exchange rate, which prompted the CBS to employ a variety of approaches that differ depending on current circumstances to stabilize the exchange rate.

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He addressed the recent decision issued by the Economy and Foreign Trade Ministry to issue import licenses and finance imports which comes into effect as of January 3rd 2016, Mayyaleh said the decision will stabilize markets and provide a sense of reassurance to importers and businessmen.

Mayyaleh said that the high exchange rates for the SYP against the USD circulated by some websites are mere rumors spread by malicious media and terrorist organizations with the sole purpose of creating turmoil in the market and undermine the CBS’ policies for managing the exchange rate.

He also stated that the Bank is currently selling USD for the purpose of financing imports at the price of SYP 354, which is “SYP 40 less than the price of the alternative market” as he said, adding that this will definitely help stabilize prices, and that the CBS aims to keep the USD price for financing imports at around SYP 353 to maintain prices in markets and thereby preserve the purchasing power for citizens.

The Governor said that there are other indicators that suggest the exchange rate will drop, particularly in light of the achievements being made by the Syrian Army which have a positive tendency towards reducing the exchange rate.

Hazem Sabbagh

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