(Eqtsad)- In a step expected by Eqtsad website previously, the new governor of regime-controlled Syria Central Bank Dured Durgham confirmed the Monetary and Credit Council will release a resolution start of next week in regard to move focus to meet foreign currency from currency exchange offices to authorized banks to secure relative stability in exchange rates.
Durgham added in a statement circulated in regime media outlets, “the resolution will guarantee stability in exchange rate in the coming period and foreign currency exchange offices will continue to perform allocated role to transfer money and exchange currency through its own resources.”
The bank clarified the “decision comes after the relative stability in exchange rate during the past few weeks despite attempts to destabilize and after decreased deficit of currency resources from external trade and its needs for it. Due to importance of central bank direct intervention in the market from currency exchange companies to authorized banks by currency centers and its restoration upon request.”
The statement indicated the resolution came after analyzing the currency centers in authorized banks and identifying the convenient limits for currency centers to function upon information of the late phase and “to encourage the active banks in funding trade needs and empowering it to use transfers in the best way and necessity to restore currency centers upon demand.”
It should be noted that Dured Durgham before he assumed post of governor of central bank was against the policy of the bank in pumping dollars to intervene in currency exchange companies and he sees this operation should be done by banks because they want to make sure exchange rate is stable more than currency companies which want to make profit and this is what Eqtsad pointed at as Durgham assumed his post. (Translation by Rana Abdul)
Durgham added in a statement circulated in regime media outlets, “the resolution will guarantee stability in exchange rate in the coming period and foreign currency exchange offices will continue to perform allocated role to transfer money and exchange currency through its own resources.”
The bank clarified the “decision comes after the relative stability in exchange rate during the past few weeks despite attempts to destabilize and after decreased deficit of currency resources from external trade and its needs for it. Due to importance of central bank direct intervention in the market from currency exchange companies to authorized banks by currency centers and its restoration upon request.”
The statement indicated the resolution came after analyzing the currency centers in authorized banks and identifying the convenient limits for currency centers to function upon information of the late phase and “to encourage the active banks in funding trade needs and empowering it to use transfers in the best way and necessity to restore currency centers upon demand.”
It should be noted that Dured Durgham before he assumed post of governor of central bank was against the policy of the bank in pumping dollars to intervene in currency exchange companies and he sees this operation should be done by banks because they want to make sure exchange rate is stable more than currency companies which want to make profit and this is what Eqtsad pointed at as Durgham assumed his post. (Translation by Rana Abdul)
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