CBS to Sell Foreign Currency Sum Valued at EUR 100 Million

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jouhina news,

The Central Bank of Syria (CBS) informed banks and licensed currency exchange companies its intent to sell a sum of foreign currency valued at EUR 100 million.

Banks and exchange companies can submit purchase requests to the CBS as of Wednesday, May 22nd.

Governor of the CBS Dr. Adib Mayyaleh said that this step is part of the positive intervention process carried out by the Bank to restore exchange rates to reasonable levels, saying that the exchange rates in the irregular markets are exaggerated and seek to exploit the needs of the citizens to make illicit gains.

He added that the CBS will continue to limit illegal currency dealings and carry out positive intervention, asserting that the Bank has enough reserves to continue supporting the exchange rates and provide the country's needs of foreign currency.