Damascus-Sana
The Governor of the Central Bank of Syria, Dr. Hazem Qarfoul, affirmed that the bank is taking preventive measures and measures to reduce and reduce the daily pressures experienced by the Syrian citizen, pointing out that it is not possible to allow any party to go against the currency and the national economy.
In an interview with the Syrian channel this evening, Qarfoul said, “Legislative Decree No. 3 and 4 of 2020 issued by President Bashar al-Assad regarding the severity of penalties for anyone who proves his dealings other than the Syrian pound are the correct precursors to curbing this phenomenon that has recently exploded and confirms the state’s strength and sovereignty despite the war The unjust to which Syria was subjected and still nine years ago.
Karfoul explained that with increasing internal and external pressures and challenges on the country, some of the weak souls extended the issue of dealing in a currency other than the national currency in a way that reflects on the Syrian economy in particular and at the expense of the citizen’s livelihood in general, warning against being led behind some pages of hostile social media pages that lead us to a dark tunnel.
Garfoul pointed out that the application of the provisions of the two decrees will miss the opportunity for speculators who use some sites of social media pages in order to take profits to influence the exchange rates negatively and spread fabricated and false news about the low value of the lira to push the citizen to abandon his national currency.
And Karfoul stated that the central bank is taking preventive measures and measures to reduce and reduce the daily pressures experienced by the Syrian citizen and works to invest the national economy by setting a long-term vision that has no room for experimentation because the economy and the livelihood of the citizen are not a field of experiences.
And Jarfoul pointed out that there is a lot of data that is not useful to be a subject of circulation, but it can be said, "Today we are fine", affirming the support of any initiative that aims to support the Syrian pound and the national economy.
Garfoul pointed out that the presence of excess liquidity with the banks forced the central bank to issue certificates of deposit despite the criticisms directed against him, as he was able through this to collect financial amounts amounting to 130 billion Syrian pounds from banks that were supposed to be outside the banking channels.
And Karfoul pointed out that monetary policy has direct and indirect tools from the interest rate to credit channels and up to open market currencies .. Buying and selling of securities indicating that the central bank is trying through these tools to control some economic indicators, but sometimes it stands in front of a set of conflicting goals where Some are calling for raising interest rates to attract deposits, which is rhetoric
It is sound and right, especially since there is a large amount of cash outside the banking sector, but at the other side there are those who say that raising the interest rate may harm economic activity, which makes the lending process difficult.
In response to a question about a proposal to change the national currency, Karfoul said that changing the national currency does not benefit at all in light of the continuing economic sanctions imposed on Syria because the value of the national currency is a reflection of the economic situation in addition to depriving us of our resources due to the American and Turkish occupation.