DAMASCUS, March 25 (Xinhua) -- The governor of the Central Bank of Syria (CBS) on Monday promised of new and imminent measures to stabilize the Syrian pound against U.S. dollar amid fear on the black ma an interview with the Syrian TV earlier Monday, Adib Mayaleh confirmed that the fierce war against Syria is behind the decline of the Syrian pound exchange rate against the U.S. dollar, adding that the rise of dollar in the last week came as a result of excessive speculation.
Last week, the dollar exchange rate against the Syrian pound broke the record, reaching 125 pounds for one dollar. However, it later fell by 13 pounds.
The exchange rate is still fluctuating on the black market with traders giving various prices ranging between 105 to 113 pounds for one dollar.
Before the sudden surge, the dollar sold for 94 pounds on the black market.
This skyrocketing rise, since the beginning of the crisis, has raised concerns among people, especially since it led to an increase in the prices of various items in the markets.
The CBS manages the price through constant regulatory intervention so as to stabilize the Syrian pound and fend off speculative attacks. It has repeatedly pumped big amount of foreign currency to reduce the run on dollar and thus save the pound's value.
The dollar had first hit record levels in February 2012, when it was traded at 108 pounds, prompting the CBS to pump large amounts of dollars in the market, and succeeded in bringing back the exchange rate to the limits of 70 pounds.
Many specialists in monetary affairs considered the rise in the dollar exchange rate as fake due to speculation and some other security and psychological factors.
The central bank promised to take a series of measures to maintain the stability of the pound and prosecute traffickers in the national economy.
Despite the lack of information about the upcoming measures by the CBS to curb the rise in the dollar exchange rate, the market entered a state of fear, with anticipation that the measures will take effect as of Tuesday.
The governor clarified that the CBS continues to meet the needs of national economy by providing foreign currency for imports and non-commercial operations, such as medical care and study, adding that the CBS will issue certificates of deposit with high interest to restore the purchasing power to the Syrian pound.
He hailed Syria's growing relations with Iran, as Tehran has granted Damascus with a credit line of 1 billion dollars, noting that this is enough to support the Syrian pound.
"I'll bet that the price will return to normal," Mayaleh said.
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