CBS: USD/ SYP exchange rate drops by 0.11%
DAMASCUS– The SYP/USD opened the week's trade at SYP 64.09 and closed at 64.02, recording a drop of 0.11%, while the Euro started off the weekly trading against the SYP at 80.27 and closed at 80.52, rising 0.31%.
According to the Central Bank of Syria (CBS) weekly report, the CBS has continued steps to support the exchange rate of the SYP as it started last September to move the SYP/USD exchange rate in accordance with the global exchange rate movements in a way that reflects the changes in the local supply and demand of foreign currency.
The CBS decision came after the recent US sanctions which led Syria to replace the Dollar with other currencies. This move ensures better stability of the SYP exchange rate against other foreign currencies after the CBS fixed the SYP exchange rate against Dollar since the crisis started.
The Central Bank continues to meet the market's needs of different currencies to keep the exchange processes going on and prevent any freeze due to the imposed sanctions.
The CBS has included the Chinese Yuan and the Russian Ruble in its daily exchange rates bulletin since last September to facilitate trading in light of heading eastward, particularly towards China.
The CBS also directly intervened in purchasing and selling of foreign currency at a price set according to the active market price and the offer and demand movement. Accordingly, this price becomes a reference for banks and exchange institutions when setting up their own exchange rate bulletins, which has effectively contributed to the local market stabilization and a gradual and calculated drop of the exchange rate.
The local market is witnessing a remarkable improvement in the trading in the Euro after the CBS decision to stop dealing in the Dollar and shift to other currencies.