Syrian Arab News Agency S A N A
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Damascus, SANA – The Central Bank of Syria (CBS) called upon banks and exchange institutions to attend an intervention session to sell foreign currency valued at USD 25 million.
The session will be held on August 18 at the CBS’s headquarters
A statement issued by the CBS on Wednesday said the session comes in the framework of continuous efforts exerted by the bank to intervene in the exchange market to stabilize the price of the Syrian pound-referred to as (SYP).
According to the statement, the director generals or chairmen of boards of the banks and exchange institutions should attend the session in person, otherwise, and in case of no acceptable absence excuses provided, they could be subject to accountability obligations.
The CBS has been directly intervening recently in the foreign currency market through providing all the private sector’s needs of foreign currency for the purposes of funding imports through the licensed banks.
The bank has also employed indirect approved intervention mechanisms with the aim of stopping speculation attempts.
R.J/H. Said
