CBS allows selling foreign currency to finance commercial and non-commercial transactions

Damascus, SANA – The Central Bank of Syria (CBS) announced that it will allow licensed banks to sell the purchased foreign currency to finance commercial and non-commercial transactions without restrictions.

In a statement on Thursday, the CBS said it will allow the banks to sell foreign currency directly to citizens according to the daily bulletin that sets the intervention exchange price.

It also allowed exchange institutions to sell US Dollar to the citizens out of their own reserves or out of the amounts purchased from the CBS, noting that the exchange companies and offices are compelled to buy USD 1 million and USD 100,000, respectively, to sell Dollar to citizens directly.

These measures, the statement said, are part of the intervention schedule which the CBS started on May 11 to control exchange rate following sharp drops in the SYP price against Dollar.

The statement added that the CBS stressed during the meetings that speculators have failed to create a new speculation wave to manipulate the exchange rate and that the CBS has continued moving gradually and managing the market according to the plan.

The statement made it clear that the CBS is the only party able to determine the timing and scale of depreciation in the exchange rate.

Earlier today, the CBS announced further decreasing the intervention exchange price to SYP 470 per 1 USD for financing imports and 475 for transfers.

On Wednesday, the USD exchange rate was SYP 480 for transfers and SYP 475 for financing imports.

English Bulletin

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