Syria says foreign exchange market stable

Published March 27th, 2011 - 07:03 GMT
Central Bank of Syria
Central Bank of Syria

The Governor of the Central Bank of Syria Adib Mayyaleh on Saturday said that in contrary to reports about increasing withdrawals from banks in recent days the activities are normal as they coincide with the end of the month when withdrawals usually increase. He asserted that banks are fully capable of covering all withdrawals and that the Central Bank is ready to provide the banks' needs.

Quoted by SANA news agency, Mayyaleh affirmed that the exchange of the Syrian Pound is stable, and that banks and exchange companies are committed to the exchange rates set by the Central Bank, with the SYP/USD exchange rates at 26/3/2011 being set as 47.07 for sale and 46.60 for purchase.

According to him, the Central Bank provided the foreign currency needed by banks and exchange companies, and that it is fully prepared to continue doing so. Mayyaleh added that the Central Bank is monitoring the market for fraudulent activities in this field and taking the necessary steps against those who commit them.

Mayyaleh conveyed that the currency exchange was organized in recent years, and that the flow of foreign currency was regulated through official channels such as banks and licensed exchange companies, with the Central Bank playing a pivotal role in purchasing and selling foreign companies from and to banks to meet the needs of the market and stabilize exchange rates.


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