Central Bank of Syria allows banks to fix price of foreign exchange to customers
The Central Bank of Syria on Monday permitted, for the first time, the licensed banks to fix the price of foreign exchange to customers. According to SANA, the measure let the banks compete among each other within a margin that would by daily specified by the Central Bank of Syria ( CBS ) as a preliminary step to establish a free market to buy and sell foreign currencies in Syria, sources at CBS have indicated.
The CBS permission came through a free exchange price bulletin of the foreign currency issued for the first time Sunday after it has been issued by the CBS without fixing any margins.
The sources added that this move is considered “a basic step” in activating the CBS role that sponsors activities of other banks to seek the unification of exchange price.