Damascus – The SYP/ USD exchange rate continues stable at 47,69 for the third week in a row, while the Euro started off the week's trading at 68,74 and closed at 69,18, recording a 0,64 % increase.
According to the Central Bank of Syria (CBS) weekly report, the increase in Euro exchange rate against the SYP is attributed to the fact that the Euro hit record high against the US dollar over the week, soaring to its highest levels within 15 months as the European Central Bank raised the interest rate in the Euro zone coinciding with a slip in the USD exchange rate against most of the major currencies.
The stability of the SYP exchange rate against the US Dollar can be attributed to the measures taken by the CBS to support its exchange rate under the conspiracy aimed at destabilizing Syria's national economy, the report added.
The CBS efforts at preserving the stability of SYP exchange rate include activating the Cabinet's decision No. 84 which allows the Syrian citizens to purchase foreign currencies by less than USD 10,000 monthly, in addition to allowing the exchange companies and offices to purchase the USD from the CBS to meet their foreign exchange needs and bridge the demand-supply gap resulted from the political tension in the Arab region and its impacts on Syria.
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