Central Bank holds intervention session

Damascus, SANA – The Central Bank of Syria (CBS) on Wednesday held an intervention session to address the latest developments regarding the SYP exchange rate, with representative of currency exchange companies and the media attending the session.

At the session, CBS Governor Adib Mayyaleh talked about the recent sharp fluctuations in the SYP exchange rate which occurred despite improvements in the economic situation and military achievements, with the Governor asserting that the CBS is continuing positive intervention on daily basis via banks and exchange companies.

He asserted that the CBS is ready to provide the foreign currency needed for commercial and non-commercial purposes such as medical treatment and education, calling on exchange companies to refrain from collecting any extra marginal profits no matter how slim.

Mayyaleh stated that “very stern steps will be taken against those who manipulate the exchange rate at this juncture,” noting that the CBS received information that ties the fluctuations in the market to actions taken by some exchange companies, and that the CBS and the authorities are following up on those leads, adding that there are sides which are constantly trying to undermine any effort to stabilize the exchange rate.

For their part, currency exchange companies’ representatives pointed out to the increase in smuggling gold recently along with major smuggling operations for various goods across the northern borders.

Hazem Sabbagh

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