Syria permits issuance of certificates of deposit
Syria raised the interest rates by 0.5% and permitted, for the first time, the issuance of certificates of deposit, Deputy Premier for Economic affairs Abdullah Dardari said Tuesday.
Dardari, speaking in a press conference held in Damascus, added that the economic reform and liberalization process in Syria moves in the "correct direction," SANA reported. “The move comes in the framework of economic reform program and turning to social market economy to develop monetary system in Syria ,” Dardari noted.
According to him, the government adopted a series of procedures to tackle any pressure on the Syrian Pound exchange, among which financing the trade, export and import, through national banking system.
On his part, Central Bank Of Syria Governor, Adeb Mayaleh referred to the government procedures to liberalize commercial processes as well as giving much freedom to currency exchange. He underlined that there is no fear regarding the Syrian Pound, and the government is daily monitoring the exchange market, adding that pressure on the Syrian Pound led to the change of the prices during the last days.