Central Bank: Dollar Exchange Rate Expected to Witness Sharp Drop

CBS governor says fall will especially hurt currency speculators who profit off the weakening Syrian pound

Central Bank Governor Adib Mayyaleh said on Wednesday that the dollar exchange rate will witness a “sharp and unprecedented drop” after new steps to stabilize the Syrian pound come into effect next Tuesday.

In a statement, Mayyaleh said that this drop will cause speculators who are exploiting the dollar exchange rate to suffer massive losses.

The governor said that the decision to exempt exporters from returning the foreign currency procured for exportation expenses will encourage trade and provide more foreign currency in the market due to a surplus from increased exports.

The Central Bank also announced that it will increase the amount of foreign currency available in markets via direct daily intervention through exchange companies, adding that it set the exchange rate for financing imports at 515 Syrian pounds to the dollar.

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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