The Central Bank of Syria has established regulations regarding the movement of funds entering and leaving Syrian territory, whether in local or foreign currency. On Tuesday, the Bank’s Currency and Credit Council issued a decision stating that individuals arriving in Syria can bring any amount of Syrian pounds, regardless of their value, provided that they declare them to the customs secretariat.
Individuals departing from Syria are permitted to take out a maximum of 500,000 Syrian pounds, while foreign and Arab departures are limited to 50,000 Syrian pounds only.
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Regarding foreign currencies, the new decision allows individuals arriving in Syria to bring in foreign banknotes up to $500,000 or the equivalent in other foreign currencies.
Syrian citizens are allowed to take out a maximum of 10,000 US dollars or its equivalent in foreign currencies upon departure. Foreign nationals departing from Syria are allowed to take out a maximum of 5,000 US dollars, or the amount declared upon entry into Syria.
This decision coincides with a notable increase in arrivals to Syria through the Nasib border crossing, as reported by the semi-official Al-Watan newspaper.
According to a source at the crossing quoted by the newspaper, there has been a significant rise in the number of arrivals to Syria, with a majority coming from Gulf countries, including expatriates and individuals from other Arab nations.
According to the source, there is a daily influx of 5,000 to 6,000 arrivals, primarily consisting of Syrian expatriates.
The source further stated that approximately 500 to 600 vehicles enter daily, and occasionally the number reaches up to 700 private cars, most of which are owned by Syrian expatriates.
This decision is prompted by the ongoing apprehension among citizens regarding the use or possession of US dollars due to the enactment of Resolution No. 3.
In 2020, the Assad regime issued Decree No. 3, imposing severe penalties, including a minimum of seven years’ imprisonment, for individuals engaging in currency exchange transactions other than using the Syrian lira.
Furthermore, this decision is influenced by the decline in the exchange rate of the Syrian pound, which has reached as low as 9,000 pounds per US dollar on the black market.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
