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Central Bank Denies Foreign Currency Ban

Central Bank Governor says rumors are aimed at derailing currency intervention efforts
Central Bank Denies Foreign Currency Ban

The Governor of the Central Bank of Syria, Adib Mayaleh on Sunday said rumors of a law prohibiting dealing in foreign currencies and introducing 13-year prison sentences penalties for those who do are baseless.


Mayaleh said that no such law, decree, or resolution has been issued, adding that current laws and regulations allow for the purchase of foreign currency for trade and other purposes.


He said that the spread of such rumors was aimed at undermining the positive intervention carried out by the CBS to stabilize the Syrian Pound exchange rate, which have yielded positive results in recent days. He noted that whenever the CBS acts to stabilize exchange rates, other forces act to weaken the Syrian Pound and encourage a loss of public confidence in it.


Mayaleh said market intervention to stabilize exchange rate is ongoing and that banks and exchange companies will continue to meet demand for foreign currency.


Translated and edited by The Syrian Observer


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