CBS holds intervention session to improve currency exchange rates

07/09/2014

Damascus, SANA – The Central Bank of Syria (CBS) organized a new intervention session in which it offered a total of USD 20 million for sale, but no currency exchange companies made any purchase offers.

CBS Governor Adib Mayyala told SANA said that no purchase offers were made because companies have enough foreign currency reserves and there’s no actual demand requiring such purchases, adding that the CBS also took other steps to reduce demand for foreign currency in parallel markets, particularly the demand caused by smuggling activities of products like mobile phones and tobacco.

Mayyala asserted that the CBS provides 100% of the local markets’ needs of currency for commercial purposes, and that it allowed exchange companies to take part in funding commercial transactions such as funding imports.

During this session, it was announced that an official website for exchange companies will be launched soon to facilitate the exchange of information between them and the public.

Hazem Sabbagh

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