CBS Increases Exchange Rate to Support Low-income Citizens

Bank fixes price of intervention in foreign exchange market at 565 pounds against the dollar

Syria’s central bank (CBS) announced on Sunday it increased the exchange rate of money orders from abroad to support the purchasing power of low-income people.

In a statement, the CBS said that the price of intervention in the foreign exchange market was fixed at 565 Syrian pounds against the dollar and the exchange rate of money orders set at 575 pounds, while the exchange rate of financing imports at 565 pounds.

The CBS advised citizens to not deal with the black market warning of criminal prosecution and other risks.

The bank was quoted by market sources as saying that there is a reluctance to deal in the dollar amid unprecedented demand for the Syrian pound and a sharp fall in the dollar’s exchange rate due to the CBS’s recent intervention measures.

The sources expected that the exchange rate levels of the Syrian pound will improve over the next week.

This article was edited by The Syrian Observer. Responsibility for the information and views set out in this article lies entirely with the author.

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