Syria allows private banks to sell foreign currencies to individuals

The Central Bank of Syria on Tuesday allowed private banks to sell foreign currencies to individuals to meet the growing demand on the local market and to help put a brake on the deterioration of the Syrian currency. "According to the new measure, the citizens have the right to go to the private banks to buy the foreign currencies for non-commercial purposes in light of the price fixed by the central bank," Governor of Central Bank of Syria Adeeb Mayaleh said. He added that the move comes as part of the CBS's intervention in the market to keep the price of the Syrian pound stable. The CBS has sold a quantity of the foreign currency to 10 exchange institutions with 173.27 SYP against one USD to cover the needs of the market during the coming period extending from August 13th to August 19th. Mayaleh met representatives of the banks licensed with dealing in the foreign currencies to sell them to the citizens with 175 SYP against one USD for non-commercial purposes. He affirmed that the Central Bank is committed to fund the imports of basic material through the banks working in Syria at special rates.