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Central Bank Sells $50 Mil. to Exchange Companies at SYP 296 Against the Dollar

CBS says move has funded imports and prevented merchants from resorting to the black market for exchanges
Central Bank Sells $50 Mil. to Exchange Companies at SYP 296 Against the Dollar

Syria’s central bank sold $50 million to licensed exchange companies on Tuesday at a rate of SYP 296 against the US dollar.

Governor of the Central Bank Adeb Mayaleh said the move was aimed at rebalancing the foreign exchange rate by increasing the volume of the foreign currency in Syria’s markets.

Speaking at a press conference following the announcement, Mayaleh said the sale of this volume of currency at such a price has come to fund imports and prevent merchants from resorting to the parallel market for exchanges.

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