Mayyaleh: USD 10 million sold to exchange companies since Tuesday

Damascus, SANA-The Central Bank of Syria (CBS) held on Wednesday a new intervention session for the currency markets in Damascus and Aleppo attended by representatives of exchange companies and offices.

Governor of the Central Bank of Syria (CBS) Adib Mayyaleh announced that the exchange companies are committed to buying the foreign currency which the
CBS compelled them to buy on Tuesday, adding that the sold amounts reached USD 10 million at the price of SYP 620 against the USD to meet the market’s needs for currency for commercial and non-commercial purposes.

He pointed out that what had been circulated about the CBS recognition of the black market exchange rate price is untrue, adding that the CBS intervention in the market at SYP 620 against USD was aimed to prevent speculators from exploiting price differences.

He stressed that the intervention is an ongoing process with the same tactics where the exchange companies and offices are compelled to buy a second tranche of foreign currency.

Mayyaleh denied categorically that the CBS is seeking to stabilize the price at SYP 620 against USD, pointing out that the CBS aims at restoring the exchange rate to what it was before the price bubble.

He added that the CBS is ready to receive the amounts of cash in the Syrian pound in Damascus and Aleppo.

Mayyaleh: USD exchange rate will witness sharp and unprecedented drop

Earlier , Mayyaleh said that the USD exchange rate will witness a “sharp and unprecedented drop” after the steps announced by the CBS on Tuesday come into effect.

In a statement, Mayyaleh said that this drop will make the speculators who are exploiting the USD exchange rate to make unlawful gains suffer massive losses.

He said that the decision to exempt exporters from returning the foreign currency procured for exportation expenses, which is one of the aforementioned steps taken by the CBS, will encourage export and provide more foreign currency in the market as a result of the amounts that will become available from exports.

The CBS also announced that it will increase the amount of foreign currency available in markets and in large amounts via direct daily intervention through exchange companies, reiterating its readiness to meet the market’s need for currency for commercial and non-commercial purposes, adding that it set the exchange rate for financing imports at SYP 515 for 1 USD.

Manar al-Frieh/Manal/Hazem Sabbagh

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