Damascus-Sana
In order to improve the reality of the exchange rate of the Syrian pound against foreign currencies, the initiative "My Currency My Power" continues with the increasing demand by the business sector to deposit funds in US dollars in the account allocated to support the initiative.
The initiative, launched by businessmen on September 29th in cooperation with the Chambers of Commerce and Industry and supervised by the Central Bank of Syria and started to be implemented a few days ago has achieved tangible positive results in terms of the real exchange rate in the parallel market, which amounted today 603 lira against the dollar, the Central Bank confirmed in a statement. Sana received a copy of it.
He pointed to the positive interaction between businessmen, chambers of commerce and industry, the Commercial Bank of Syria and exchange companies within the framework of the initiative, which directed the supply of foreign exchange to meet the real demand for it away from speculation and profit-taking in the market.
The Central Bank described in its statement all other prices traded for the Syrian pound against the dollar on sites, applications and social networking pages "speculative prices" that aim to derail the National Initiative for Businessmen on track and disrupt the intensive efforts exerted on more than one level to control the foreign exchange market and an attempt to achieve Real-time gains before speculators lose their community segments.
Under the initiative, exchange companies began last Sunday to withdraw funds in US dollars from the initiative's account opened by the Damascus Chamber of Commerce at the branch 18 of the Syrian Trade under checks issued by the Chamber and intervened in the parallel market directly by selling the dollar to traders and citizens at a price close to and below the estimated market price. For 625 liras per dollar.
According to the initiative, traders started to apply to the exchange companies a few days ago to buy the dollar, where they deposited the money paid at the branches of the Commercial Bank and received notifications and was delivered to the Damascus Chamber of Commerce, which issued checks in dollars to the exchange companies in order to spend them from the initiative account and pay them to those who offered to buy the dollar.
A number of representatives of exchange companies expressed in previous statements after the start of the implementation of the initiative under the supervision of the Central Bank expressed their expectations for the exchange rate of the Syrian pound against the dollar in the parallel market to less than 600 pounds to the dollar during the next short period.
Handsome Adawi