The Central Bank of Syria raised the exchange rate of the Syrian pound against the dollar to 2814 pounds per US dollar, after it was at the level of 2512 since April last year.
The bank also set the purchase price of the dollar for the delivery of foreign remittances at 2,800 pounds per dollar, up from 2,500 pounds.
In a press statement about that measure, the Central Bank said that this comes “based on a set of objective factors related to the global economic situation, which suffers from high inflation rates, and the increase in the prices of most commodities and their transportation wages, which was directly reflected on the increase in prices in the local market.”
The Central Bank explained that the price of 2,800 pounds to the dollar, “is the price that is applied to a group of transfers, including transfers of international non-governmental organizations, transfers of United Nations organizations, and transfers received through Western Union International.”
The bank pointed out that this aims to “enhance the ability of these organizations to work in Syria, and encourage remittance senders from foreign countries, especially the countries of the two Americas, to send remittances through regular remittance networks.”
The bank noted that raising the price of the banking and exchange bulletin entails raising the exchange rate of the customs and aviation bulletin, on the basis of which the estimated fees in foreign currency are collected.
The Central Bank had announced earlier today that it had issued a decision to raise interest rates to 11% (the decision dates back to the 3rd of this month), and said that this aims to “attract savings and direct facilities towards productive activities that support development.”
And that “it was necessary to set a realistic interest rate that reflects the conditions of the Syrian economy, and helps restructure the liquidity of the banks, by encouraging savings and directing the employment of credit facilities towards feasible investments that support increased employment and production.”
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