CBS appropriates $65 million for sale in market during next February

Damascus, SANA- The Central Bank of Syria (CBS) announced its plan to appropriate $ 65 million to be sold in market for commercial and non-commercial purposes during next February as part of its unconventional intervention mechanism in foreign currency market.

During an intervention session held on Wednesday, CBS Governor Adib Mayyaleh noted that CBS will continue its policy which aims to meet the market needs through banks and exchange companies for curtailing the influence of parallel market.

Mayyaleh affirmed that CBS will continue to take all measures to remove the obstacles facing merchants and industrialists in obtaining foreign currency, instructing the exchange companies to increase the number of beneficiaries from foreign currencies earmarked to fund imports and guarantee a sustained flow of foreign currency into the market.

He pointed out that foreign currency is obtainable in all banks and licensed currency exchange companies and is enough for the market needs, adding that intervention sessions will continue in the currency market in order to stabilize the SYP exchange rate.

Representatives of licensed currency exchange companies said that exchange rates in parallel market don’t reflect the reality of supply and demand in market but rather the behavior of speculators.

Manar al-Frieh/Manal Ismael

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