Official Estimates Volume of Syrian Investment Abroad; Justifies Money Transfer Restrictions

Fadliyeh clarified that the temporary restriction on money transfers aims to control inflation, Shaam Network says.

The head of the Securities and Financial Markets Commission, Abed Fadliyeh, has estimated that Syrian funds invested abroad exceed 100 billion U.S. dollars, playing a crucial role in enhancing the economic reality and providing support in various ways.

Fadliyeh clarified that the temporary restriction on money transfers aims to control inflation, ensuring that the available cash in the hands of the public does not surpass the commodity mass. He noted concerns about excessive strictness, particularly its potential impact on inter-governmental business activities.

Expressing his belief that this measure is exceptional and temporary, subject to the Central Bank’s policy, Fadliyeh acknowledged the decision’s positive and negative aspects. He suggested exploring alternatives, such as leveraging the services of banks offering quick solutions.

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Highlighting the period before 2011, Fadliyeh mentioned that the Central Bank reported daily foreign remittances of 7-9 million U.S. dollars, a figure that could be relevant today. He observed an increase in transfers through official channels after the Central Bank attempted to align its exchange rate with the black market.

The recent indecisiveness of the Central Bank of Syria has created challenges for citizens and merchants due to conflicting decisions related to remittance limits imposed on exchange companies. Initially, a weekly limit of one million Syrian pounds per person was set, later reduced to one million per day for both internal and external remittances, with no specific limit on received funds.

In a recent press release, the Central Bank explained that, following a reorganization of liquidity movements, remittance companies like al-Haram and al-Fouad would resume operations based on decisions governing remittance ceilings. The new limit for remittances is set at five million Syrian pounds per person, with an indication from al-Haram that the previous reduction was temporary and intended to last for a few months.

The Central Bank emphasized its commitment to monitoring exchange rate stability, implementing measures to restore balance to the Syrian pound, and addressing illegal operations that threaten stability, as stated in a recently issued statement.

 

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.

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