CBS: Currency exchange companies obligated to purchase another quantity of foreign currency

Damascus, SANA – Governor of the Central Bank of Syria (CBS) Adib Mayyaleh announced on Monday that each currency exchange company will be committed to buying a fourth quantity of foreign currency.

In a statement of which SANA received a copy, Mayyaleh explained that each exchange company is obligated to purchase USD 1 million, while each exchange office is committed to buy USD 100,000 under the penalty of closing the company or the office if the purchase process is not completed.

This measure, which follows three similar measures taken recently, is part of the ongoing intervention process carried out by the CBS, with the goal of providing foreign currency at gradually descending exchange rates to reach the required price.

The CBS also set the exchange rate of financing imports and money transfers at SYP 540 for 1 USD, and the intervention price in the foreign currency market was reduced to SYP 600, with the CBS stating that the intervention price will be set on daily basis and that the intervention plan will continue till the exchange rates reach acceptable levels.

The CBS pointed out that it will increase the supply of foreign currency in the market in large amounts through direct and daily intervention.

Qabas/ Hazem Sabbagh

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