Aid Among Other Factors: Source at Central Bank of Syria Explains to the Athr Reasons Appreciation of Exchange Rate

The rise in foreign remittances and the lifting of sanctions are also reasons behind the decrease in the value of the greenback, according to Athr Press.

A source in the Central Bank of Syria spoke to Athr about the reason for the decline in the dollar exchange rate on Sunday. 

He explained to Athr that “the decrease in the exchange rate of the dollar is attributed to several factors, including the rise in foreign remittances and the lifting of sanctions. Additionally, the inflow of foreign aid and an excess of local citizens’ deposits due to increased needs following the earthquake disaster have contributed to the oversupply of local currency, leading to a decline in the value of the dollar.” 

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The source told Athr that issuing new procedures for the disbursement of $100 across borders and airports, especially after the catastrophic earthquake incident so that people can enter the country and check on their families, would require a decision by the Presidency of the Council of Ministers. The bank has no authority to issue such a decision; it is only responsible for implementing and circulating any decision after it is issued.

The Central Bank of Syria has decreased the exchange rate of remittances to 6600 SYP according to the exchange bulletin, which is a decrease of 300 SYP from the rate set just a few days ago (6900).


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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