CBS reiterates readiness to meet market’s foreign currency needs

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Damascus, SANA – The Central Bank of Syria (CBS) affirmed that it will continue its intervention efforts in the foreign currency exchange market on daily basis via banks and exchange companies, asserting its readiness to meet the market’s foreign currency needs.

In a statement on Wednesday, the CBS quoted market sources as saying that the increasing smuggling of major goods like tobacco, clothing, and electronics like mobile phones increases pressure on the SYP exchange rate.

The statement added that the pressure is also increased by the approach of summer and the month of Ramadan when demand for foreign currency increases greatly for the import of food materials that are popular during Ramadan.

The bank set the price of the USD against the SYP at 447.84 for banks, 447.86 for exchange companies, and 433 for money orders.

The bank set the price of the EUR against the SYP at 510.92 for banks, 510.95 for exchange companies, and 492.02 for money orders.

Hazem Sabbagh