CBS: Efforts to discourage resorting to black market met with positive response

Damascus, SANA – The Central Bank of Syria stated that the constant intervention process it is conducting with the aim of discouraging commercial demand from resorting to the black market for currency exchange was met with a positive response from the market, and that the exchange rate showed stability during the past two days.

In a statement issued on Monday, the CBS said that commercial demand is the factor that affects exchange rates the most, which is why the Bank is keen on meeting this demand in a calculated manner.

The CBS said it will continue to intervene in the foreign currency market on daily basis via banks and exchange companies, asserting its readiness to meet the market’s foreign currency needs to the purposes of funding imports and other non-commercial needs such as seeking treatment and studying.

The Bank quoted sources in the market as saying that despite the CBS carrying out calculated intervention after the weekend, speculators and people involved in illicit trading in currency try to exploit the weekend to raise exchange prices in the black market, raising demand and keeping the exchange rate in a state of flux in order to achieve personal gains.

Hazem Sabbagh

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