The government of Damascus allowed the sale of foreign currency to merchants and industrialists to finance their imports and “cover food and pharmaceutical imports.”
The Damascus Chamber of Commerce published, through its official Telegram channel, an advertisement directed at merchants and industrialists pertaining to dealing with dollars, in three segments during the Holy Month of Ramadan.
According to the announcement, the two companies, al-Fadil Exchange and Money Transfers and United Exchange, decided to sell dollars to merchants and industrialists through three segments, the first tranche extending from the first to the tenth day of Ramadan, at a price of 3,250 Syrian pounds for the dollar.
The second tranche extends from 10 to 20, at a price of 3,100 pounds for the dollar, while the third tranche extends from the 20th to the 30th of the month, at a price of 2,900 pounds for the dollar.
The Chamber affirmed that the entire amount must be “fixed and paid in pounds for the three tranches from 1 Ramadan to 5 Ramadan.”
This comes after a decision by the Bashar al-Assad government to sell foreign currency to those who need it from merchants and industrialists to finance their imports and “cover food and medicine imports.”
Last Wednesday, the local Al-Iqtisadi website quoted the head of the Export Committee in the Damascus Chamber of Commerce, Fayez Qassuma, who said that “the price was set at about 3,375 pounds and was decided on in harmony with the price on the platform, and any merchant can use it to buy currency.”
For his part, the head of the food industries sector in the Damascus Chamber of Industry and its countryside, Talal Qalaji, said that “the decision to sell foreign currencies on credit was taken by the government to control the exchange rate and support the food sector, and that it would contribute to lowering prices and stabilizing the local market.”
RT quoted a Syrian banking source as saying, “the price will be reflected on consumer prices, especially since most of the consumption is currently concentrated in foodstuffs, which will be given priority according to the new price, meaning that these goods will witness an increase in price.”
The source added that “the current exchange rate of the dollar is 1,256 pounds, so what will be the case when a rate that is double the current one is adopted?”
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.