Government Buys Syrian Currency from Neighboring Countries

Authorities have taken measures to stop the smuggling of cash out of Syria

Informed sources have revealed that the Syrian government has started buying Syrian Pounds from neighboring countries, particularly Lebanon.


The sources explained that lists have been drawn of businessmen who own currency exchange companies and are accused of manipulating the dollar exchange rate, with an authorization to confiscate their property.


Authorities have also stopped all operations related to the sale of assets of exchange companies in order to stop the smuggling of cash out of Syria.


Authorities confiscated fixed and non-fixed assets of some exchange companies, and in so doing, pumped dollars into the local market.
The dollar exchange rate on the black market fell by 3 SP Tuesday, selling at 157 SP to the dollar and buying at 154 SP. The sale rate was 160 SP a day earlier.


Al-Iqtissadi learned that during a meeting on Monday to discuss intervention, the Syrian Central Bank asked exchange companies to draw from their savings from earlier interventions to sell foreign currency to the commercial market at a rate of 150 SP. But, the bank added that buyers should have documents proving their identity, such as electricity, water or telephone bills and a copy of his identity card.


The dollar exchange rate on the black market reached a record of 300 SP last July.


Translated and edited by The Syrian Observer



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