CBS Governor announces allowing exchange companies to fund imports within B category

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Damascus, SANA- The Central Bank of Syria (CBS) held on Thursday a new intervention session in the foreign exchange market in the presence of representatives of exchange companies and offices following the steps taken by CBS to intervene in the foreign exchange market.

CBS Governor Adib Mayaleh said that the victories achieved by the Syrian Arab Army in cooperation with the friendly countries in addition to restoring security and stability to new areas and cessation of hostilities agreement which will enter into effect on Saturday will have a direct effect on the market and contribute to the improvement in the SYP.

In response to questions of the exchange companies about some issues regarding the decision of the Ministry of Economy No. 703 about imports, Mayaleh announced allowing the exchange companies to fund imports which fall under B category in the mentioned decision, noting that these importers of this category are exempted from offering 10 % of the value of the imports.

During the session, exchange companies and offices were sold all amounts required by them to buy foreign exchange to finance commercial and noncommercial operations at a distinguished exchange of SYP 405 for USD 1 as part of the USD 150 million which were offered to secure the needs of the market this week.

Mayaleh pointed out the possibility of new amount of the foreign exchange for increasing the supply to cover the needs of the market, affirming that the CBS continues to hold intervention sessions to study the developments in the foreign exchange market and assess the outcomes of previous measures.

At the end of the session, Mayaleh assured citizens that there is a return to stabilization in the exchange rate during the coming period due to the package of recent steps and measures undertaken by the CBS and continuing to hold positive intervention sessions in the market which will lead to stabilization in the exchange rate.

The CBS held an intervention session on Monday during which Mayaleh noted the gradual return of stabilization to the foreign exchange market as a result of the steps and procedures undertaken by the CBS.

Qabas/ Manal