CBS: Indicators Suggest Exchange Rate Will Drop

Central bank chief says achievements being made by the Syrian army will likely have a positively impact on the exchange rate

Malicious media organizations and terrorists are responsible for attempts at undermining the Central Bank of Syria (CBS) policies for regulating Syrian pound exchange rates, bank governor Adib Mayyaleh has said.

Speaking to journalists following an intervention session held by the CBS with the participation of currency exchange representatives on Tuesday, Mayyaleh stated that the bank is currently selling the dollar for the purpose of financing imports at the price of SYP 354, which is “SYP 40 less than the price of the alternative market” he said, adding the move will definitely help stabilize prices.

Mayyaleh said other indicators suggest the exchange rate will drop, particularly in light of the achievements being made by the Syrian army, which have a tendency to positively impact the exchange rate.

The governor also addressed the recent decision issued by the Ministry of Economy and Foreign Trade to issue import licenses and finance imports, which will come into effect as of January 3, 2016. Mayyaleh said the decision will stabilize markets and provide a sense of reassurance to importers and businessmen.

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


Recommend article

Sender's Name:
Sender's Email:
Receiver's Name:
Receiver's Email: