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Combating Money Laundering Commission: We Will Address Exchange Rate Issue

An anti-money laundering commission has pledged to clamp down on illegal currency vendors, reports Etihad Press.
Combating Money Laundering Commission: We Will Address Exchange Rate Issue

The Secretary of the Combating Money Laundering and Terrorism Financing Commission at the Central Bank of Syria (CBS), Ammar Maarouf, considered that “the fact that the [exchange rate of the] dollar will not drop below 3,000 Syrian pounds was the  talk of the town six months ago when the rate rose to 3,600 pounds before decreasing to 2,200 pounds.” Maarouf said people should not listen to rumors. 

According to statements reported by Sham FM radio, Maarouf said that “when a citizen stops valuing their currency, they are participating in the economic war against the country, and we do not want people to lose their savings to a game by speculators.” 

He continued, “there are those who profit from the difference in the exchange rate and make a profession out of it, and this is what we are trying to fight with the help of the concerned security authorities.”

Maarouf accused some economic analysts of using social media to spread erroneous interpretations of what is happening in the country.

He explained that the exchange rate is not a number that the CBS determines, but rather a result of government, economic, financial, and monetary performance, which constitutes a number that is determined by supply and demand. 

Maarouf promised that the CBS’s effective measures will restore the exchange rate to acceptable levels in the near future, noting the importance of societal awareness when it comes to the implications of the economic war. 

“The decline in the exchange rate during the recent period is a message that speculators won’t be able to tip the balance in their favor and that things are under control.” 

Maarouf said that there is an impenetrable “something,” that cannot be explained, happening in the market in terms of high prices and this is not within the jurisdiction of the CBS.

 

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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