CBS to Expand Intervention Measures on Beirut Markets

Central Bank Governor announced expansion of intervention in foreign currency exchange markets to include Beirut

Governor of the Central Bank of Syria (CBS), Adib Mayaleh, announced an expansion of the CBS intervention measures to include the Beirut market in order to curb the effect of currency manipulation in Lebanon.

 

The governor’s comments came during an intervention session held on Sunday, attended by licensed currency exchange companies. The attendees discussed supply and demand in the foreign currency exchange and adjacent markets.

 

Mayaleh noted that the intervention aims to regulate the Syrian pound in the Beirut market, whose goal is speculation on the SYP exchange rate.

 

The governor said the intervention will be via licensed currency exchange companies with the CBS to guarantee effective control of the volume of the Syrian pounds on offer on the Beirut market.

 

He also stressed the CBS' readiness to meet citizens’ needs of foreign currency for commercial and non-commercial purposes without limits and as fast as possible.

 

The governor declared that intervention sessions will continue in the currency market in order to stabilize the SYP exchange rate.

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