Regime Approves Transfers in Dollars into Syria

Exchange companies are now allowed to deliver incoming remittances in Syrian or US dollars, reports Baladi News.

A source in a money exchange company licensed to operate in the local market confirmed that exchange companies were allowed to deliver the incoming remittances from outside the country according to the choice of the sender of the remittance, either in Syrian pounds or foreign currencies (dollars).

He explained that this procedure is limited to businesspersons and does not apply to ordinary citizens, who can receive their remittances in pounds only and at a price of 2,825 pounds per dollar. The market price for a dollar is 3,200.

The regime claims that this step would contribute to achieving the stability of industrial products and various goods and materials in the market, and thus price stability in commodity prices.

Local media however does not agree. The prices, the local media says, are continuing to spike or remain in place but never go down.

Loyal analysts praised this move, considering it a measure that relieves pressure on foreign exchange demand in the parallel market and limits speculation in this market.

In mid-April, the Central Bank of Syria raised the official rate of exchange of dollars in the banking and exchange bulletin to 2,512 pounds, and raised the price of buying dollars for the delivery of personal remittances received from abroad to 2,500 pounds.

A licensed exchange company operating in the regime-controlled areas announced a few days ago that it was ready to hand over remittances to merchants and industrialists, in US dollars, in an unprecedented measure, especially after the Lion Decrees 3 and 4 which criminalized dealing in other than local currency.

The United Exchange Company is the first company to announce that merchants and industrialists can receive their incoming transfers from abroad, according to the currency requested by the sender of the remittance, and in all Syrian governorates.

 

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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