Tuesday, October 15, 2019
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CBS: Stabilizing intervention price in currency market will reflect positively on prices of goods

Damascus, - The Central Bank of Syria (CBS) said on Tuesday that the main aim of fixing the intervention price in the foreign currency market is to achieve relative stability in the exchange rate, which will be reflected positively on the prices of goods and materials in the market.

The CBS added in a statement that some web pages are trying as they usually do to mislead the market with fake exchange rates, particularly before Eid al-Fitr holiday when demand for foreign exchange increases, affirming that the Bank is working around the clock to thwart their plans and to maintain the stability of the exchange rate.

The CBS pointed out that it continues to apply various tools of conventional and unconventional monetary policy, the most important of which is direct intervention in the market and to control the demand for foreign currency and achieve relative stability in the exchange rate.

The CBS quoted sources in the market as saying that the increased intervention sum of the CBS on Monday, which equals what is usually sold within three days of intervention, significantly increased the supply of foreign currency in the market and caused a state of inactivity in demand.

Source: Syrian Arab News Agency