CBS Raises Official Dollar Exchange Rate Twofold

Syria’s central bank has recognized the recent slide in the Syrian pound’s value by raising it twofold, writes Etihad Press.

The Central Bank of Syria (CBS) issued a decision, in its official bulletin, whereby the exchange rate of the dollar was nearly doubled for the first time in about 10 months.

According to CBS and the daily exchange bulletin, the exchange rate of the dollar was set at 2,512 Syrian pounds, up from 1,256 pounds, which has been the approved rate since July 2020.

In a post on the official page of the bank, the price of buying dollars to receive personal transfers from abroad at 2,500 pounds.

CBS amended the Banking and Exchange bulletin to reflect changes regarding incoming transfers — including personal transfers and those processed through Western Union, as well as those to the order of the United Nations and its affiliated bodies in addition to international humanitarian organizations and institutions. The new rate is 2,500 pounds for the dollar.

The bank said that the amendment comes within the framework of CBS’s endeavor to unify exchange rates, encourage foreign remittances, and attract them through the regular channels, in order to achieve an additional source of foreign exchange that benefits the public interest.

CBS has modified a number of exchange rates in recent days, the most prominent of which was allowing exchange companies to sell dollars to merchants and industrialists for 3,375 pounds against the dollar.

On Wednesday, CBS also raised the value of the 100 dollars that citizens coming into Syria must spend at the border to 2,500 pounds for the dollar.

 

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.

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