Government Working to Stabilize Syrian Pound

Halqi says government still holds large foreign currency reserves

Premier Wael al-Halqi said Monday the government will continue to work on a package of measures to stabilize the Syrian Pound against foreign currencies and preserve the national economy "in the face of the media and economic war."


Halqi confirmed that the government still holds large foreign currency reserves to feed in to the local market.


Speaking on the same issue, the governor of Central Bank of Syria (CBS) Adeb Mayaleh said that as of Tuesday, the bank will respond to banks' demands to buy foreign currency from the CBS to finance imports, according to market needs.


"CBS will provide exchange institutions and the Commercial Bank of Syria with foreign currency at acceptable prices," Mayaleh said in a statement.


Banks will be able to buy foreign currencies according to regulated prices, he said.


Mayaleh also confirmed that the government has implemented the required mechanisms to activate the Iranian credit line, worth $1 billion, to fund a large portion of market needs.


Translated and edited by the Syrian Observer



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