Prime Minister: Preserving stability of Syrian Pound is a main concern for the government

Damascus, SANA – Chairing a Cabinet meeting on Tuesday, Prime Minister Wael al-Halaqi said that preserving the stability of the Syrian Pound is a main concern of the government, which is taking various steps to this effect.

The Prime Minister called for taking steps to address shortages in water supplies to ensure that drinking water is available in all provinces during summer.

Local Administration Minister Omar Ghalawanji reviewed the state of living conditions and services in Deir Ezzor city, while Foreign and Expatriates Minister Walid al-Moallem reviewed the latest political developments on the regional and international levels, in addition to the results of the recent visit of UN Special Envoy on Syria Staffan de Mistura, during which the broad lines of his initiative for restoring stability to Aleppo was discussed.

For his part, Economy and Foreign Trade Minister Humam al-Jazaeri said that the crisis forced a shift in the priorities of foreign trade towards prioritizing production materials and requirements, food items, basic services, and pharmaceuticals.

In turn, Governor of the Central Bank of Syria Adib Mayyaleh reviewed the steps taken to help stabilize the Syrian Pound exchange rate gradually.

The Cabinet discussed a number of bills, including one on ratifying international documents related to mail and postal services, and approved a decision related to work injuries that result in death.

Following the session, Mayyaleh told journalists that several economic elements have had an impact on the SYP exchange rate recently, such as permitting the private sector to import fuel independently which caused increased demand for foreign currency, adding that the market has absorbed the shock that resulted from this and is stabilizing.

Regarding speculators who exploit black market prices to make illicit profits, Mayyaleh said that the CBS will not stand idle and will intervene in the right time, asserting that a number of steps have been taken and their effects will show soon, leading to a much reduced exchange rate, adding that there are indicators promising an improvement in the SYP exchange rate within the next few days.

He said that the websites that report exchange rates are all linked together and are dedicated to speculation and manipulating exchange rates, asserting that this issue is being investigated by the authorities who will take steps to deal with it as these sites – which are run by Syrians and foreigners alike – are working to damage Syrian economy, adding that intervention in the Beirut exchange market was a massive success and it will continue.

Hazem Sabbagh

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