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Largest Exchange Company Closed, Accused of Illegal Sales

Decision comes amid crackdown on illegal sales by foreign currency exchanges
Largest Exchange Company Closed, Accused of Illegal Sales

The Syrian Interior Ministry has announced that the  Criminal Security branch in Damascus, in coordination with the officer of the Central Bank of Syria, has closed al-Alamiah exchange company, the largest exchange company in Syria and one of the largest companies in the Middle East.


According to a statement  from the Interior Ministry and reported by the official news agency SANA, the decision to close was due to the company's "illegal selling of millions of Euros and Dollars, of transferring money illegally abroad, and of opening suspicious accounts."


The decision comes within a recent campaign carried out by the Interior Ministry which has led to the withdrawal of licenses of seven companies, and the closure of many companies for different periods ranging between one month, six months and permanently. They have included Al-Jazaeri and Partners Exchange, Al-Saai Exchange in the city of Latakia, due to manipulation  of the exchange rate of the Syrian Pound.


Translated and edited by The Syrian Observer


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