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Cabinet Announces Decisions to Stabilize Exchange Rate

Ministers discuss efforts to stabilize the Syrian currency as the SYP continues to drop against the US dollar
Cabinet Announces Decisions to Stabilize Exchange Rate

Prime Minister Wael al-Halki announced the government has reached decisions to stabilize Syrian currency exchange rates.

The Syrian Cabinet met on Tuesday to discuss the country’s dire economic situation as well as efforts to stabilize the exchange rate of the Syrian pound, which has suffered a sharp fall against the US dollar in the past months.

Halki said the government would continue to closely monitor the currency exchange market while taking a firm stance towards currency manipulators.

The prime minister highlighted the need to allow more room for institutions which play a positive interventional role in the markets.

The Cabinet approved a draft law allowing private banks one extra year – in addition to the three-year period issued in 2010 – to settle their situation by raising capital to the minimum required limit.

Cabinet members also passed a request by the Ministry of Agriculture and Agrarian Reform to ratify the 2015 budget for mitigating the impacts of drought and natural disasters.

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