The Central Bank of Syria's media office announced a new measure on Sunday aimed at unifying exchange rate bulletins and reducing discrepancies between the official rate and the unofficial market rate. This measure also aims to reduce speculation in the currency market.
The office explained that the bank, under the direction of the Prime Minister, has decided to unify all its bulletins (official, banking and exchange, customs, and monthly) into a single bulletin called the "Official Bulletin." This bulletin will apply to all transactions using the exchange rate of foreign currencies against the Syrian pound, including sales, purchases, and evaluations that previously relied on previous bulletins.
The exchange rate included in the "Official Bulletin" (for buying, selling, and average) will be determined based on a study of the reality of exchange rate changes and related economic variables. This rate is subject to change according to market data and the supply and demand for foreign currency.
Banks licensed to deal in foreign exchange and exchange institutions have also been granted flexibility in issuing their own exchange rate bulletins for their dealings with citizens, within a price movement margin determined daily by the Central Bank of Syria. This allows currencies to be priced higher or lower than the official rate within this specified margin.
($1=10250 SYP) according to S-P Today website that covers the trading rate of the Syrian pound to the dollar)
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