DAMASCUS: The central bank in Syria has lifted restrictions on the sale of dollars to individuals, state news agency SANA said yesterday, in a bid to curb black market trade.
“Citizens may purchase foreign currency at banks, for non-commercial purposes, according to the rates fixed by the central bank,” the bank’s governor Adib Mayaleh said, quoted by SANA.
Allowing banks to sell foreign currency was part of “efforts by the central bank in the domestic market to stabilise the price of the Syrian pound and stop speculation on the exchange rate.
“The central bank will continue to finance imports of basic goods through banks operating in Syria at preferential rates,” said Mayaleh. The governor earlier said the bank sold a quantity of the foreign currency to 10 exchange institutions with 173.27 Syrian pounds against $1 to cover the needs of the market during the coming period extending from August 13 to August 19.
The move comes as part of the bank’s intervention in the market to keep the price of the Syrian pound stable. Mayaleh met representatives of the banks licensed with dealing in the foreign currencies to sell them to the citizens with 175 Syrian pounds against 1 dollar for non-commercial purposes.
“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,” Mayaleh said. He affirmed that the Central Bank is committed to fund the imports of basic material through the banks working in Syria with distinguished prices.
Before Syria’s bloody uprising erupted, the exchange rate was about 50 pounds to the greenback.
The rate is now about 200 to the dollar on the black market, and has climbed as high as 300 pounds in the 29 months of fighting in the country.
Before the war began, Syrians could exchange $5,000 a year, but that was reduced to just $500 at the end of 2011, pushing many to turn to the black market to convert their rapidly depreciating funds. Agencies
