DAMASCUS – The US Dollar steadied against the Syrian Pound at SYP 47,69 in its weekly trading, while the Euro started off its weekly trading at SYP 70,60 and closed at SYP 70,86 recording a 0,04 % increase.

According to the Central Bank of Syria (CBS) weekly report, The increase in the Euro/SYP exchange rate can be attributed to the rise of the Euro over the week benefiting from the decline of the US Dollar on the background of the slowdown in the USA economic growth, in addition to some expectations that the European Central Bank to raise the interest rates for the second time.

The stability of the SYP can be attributed to the CBS effective procedures to support the SYP in the face of the repercussions of the conspiracy targeting Syria's national economy and to meet the foreign exchange needs in the local markets.

Dealing with Euro in the local market is still restricted due to the fluctuation of its exchange rate and the international doubt in its ability to compete with Dollar as an international currency.