Mar 27 2011 |
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Central Bank of Syria: SYP Exchange Rate Stable, Banks Capable of Covering all Withdrawals
By H. Sabbagh Damascus - Governor of the Central Bank of Syria Adib Mayyaleh said that the reports of increasing withdrawals from banks in recent days are normal as they coincide with the end of the month when withdrawals usually increase, asserting that banks are fully capable of covering all withdrawals and that the Central Bank is ready to provide the banks' needs.Mayyaleh affirmed that the exchange of the Syrian Pound is stable, and that banks and exchange companies are committed to the exchange rates set by the Central Bank , with the SYP/USD exchange rates at 26/3/2011 being set as 47.07 for sale and 46.60 for purchase.
He said that the Central Bank provided the foreign currency needed by banks and exchange companies, and that it is fully prepared to continue doing so, adding that the Central Bank is monitoring the market for fraudulent activities in this field and taking the necessary steps against those who commit them.
He added that the currency exchange was organized in recent years, and that the flow of foreign currency was regulated through official channels such as banks and licensed exchange companies, with the Central Bank playing a pivotal role in purchasing and selling foreign companies from and to banks to meet the needs of the market and stabilize exchange rates.
He concluded by affirming that the Central Bank is continuing the process of developing the monetary market and will continue to make decisions that support national economy, development and employment and guarantee the stability of the monetary and financial sectors.
© SANA (Syria Arab News Agency) 2011
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