Damascus, SANA-The Central Bank of Syria (CBS)\u00a0held on Wednesday a new intervention session for\u00a0the currency markets in Damascus and Aleppo\u00a0attended by representatives of exchange companies\u00a0and offices.<\/p>\n
Governor of the Central Bank of Syria (CBS) Adib\u00a0Mayyaleh announced that the exchange companies are\u00a0committed to buying the foreign currency which the
\nCBS compelled them to buy on Tuesday, adding that\u00a0the sold amounts reached USD 10 million at the\u00a0price of SYP 620 against the USD to meet the\u00a0market’s needs for currency for commercial and non-commercial purposes.<\/p>\n
He pointed out that what had been circulated about\u00a0the CBS recognition of the black market exchange\u00a0rate price is untrue, adding that the CBS\u00a0intervention in the market at SYP 620 against USD\u00a0was aimed to prevent speculators from exploiting\u00a0price differences.<\/p>\n
He stressed that the intervention is an ongoing\u00a0process with the same tactics where the exchange\u00a0companies and offices are compelled to buy a\u00a0second tranche of foreign currency.<\/p>\n
Mayyaleh denied categorically that the CBS is\u00a0seeking to stabilize the price at SYP 620 against\u00a0USD, pointing out that the CBS aims at restoring\u00a0the exchange rate to what it was before the price\u00a0bubble.<\/p>\n
He added that the CBS is ready to receive the\u00a0amounts of cash in the Syrian pound in Damascus\u00a0and Aleppo.<\/p>\n
Mayyaleh: USD exchange rate will witness sharp and unprecedented drop<\/span><\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Manar al-Frieh\/Manal\/Hazem Sabbagh<\/p>\n","protected":false},"excerpt":{"rendered":" Damascus, SANA-The Central Bank of Syria (CBS)\u00a0held on Wednesday a new intervention session for\u00a0the currency markets in Damascus and Aleppo\u00a0attended by representatives of exchange companies\u00a0and offices. Governor of the Central Bank of Syria (CBS) Adib\u00a0Mayyaleh announced that the exchange companies are\u00a0committed to buying the foreign currency which the CBS compelled them to buy on Tuesday, …<\/p>\n","protected":false},"author":1,"featured_media":64186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[122,6987],"tags":[4664,1320,4441,9871,2542,2904,2800,4273],"class_list":["post-76976","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-money-and-work","category-latest-news","tag-adib-mayyaleh","tag-cbs","tag-central-bank","tag-central-bank-governor","tag-exchange-rate","tag-foreign-currency","tag-syp","tag-usd"],"_links":{"self":[{"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/posts\/76976"}],"collection":[{"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=76976"}],"version-history":[{"count":0,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/posts\/76976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/media\/64186"}],"wp:attachment":[{"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=76976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=76976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=76976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}