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Government Approves Foreign Currency Bill

Exchange companies can still sell to citizens for non-commercial purposes
Government Approves Foreign Currency Bill

The government on Wednesday approved a bill making dealing in foreign currencies a crime, subject to fines and prison sentences of between three and ten years.


The bill, which will be referred to relevant authorities and passed according to regulations, seeks to prevent market price manipulation and stop exploitation of prices for Syrian residents.


A government sub-committee meanwhile discussed further mechanisms for preventing the rise of prices of food and other market goods, implementing regulations to prevent manipulation of the price of the U.S. Dollar.


The committee discussed the possibility of increasing subsidization of some food materials, by providing food baskets at subsidized prices.


The Governor of the Central Bank of Syria (CBS) Adib Mayaleh said that the CBS sold U.S. dollars to exchange companies at a rate of 247.5 SP, to be sold by these companies at 250 SP, adding that such intervention will be carried out twice a week.


He said exchange companies can still sell foreign currency to citizens for commercial and non-commercial purposes, as per regulations.


Translated and edited by The Syrian Observer


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