Damascus – The US$ continues stable against the Syrian Pound at 47,69 for the sixth week in a row, while the Euro started off its weekly trading at SYP 68,84 and closed at 67,72.
The Euro began its week trading lower after the European Central Bank announced that there won't be a decision to increase interest rates during its meeting next month, in addition to the impact of sovereign debt crisis in Greece on the Euro zone which caused the Euro to slump during this week, falling to the lowest level in six weeks.
The stability of the SYP can be attributed to the Central Bank of Syria effective procedures to support the SYP exchange rate, in addition to activating the cabinet's decision which allows the Syrian citizens to purchase foreign currencies by less than USD 10,000 monthly.
Damascus Securities Exchange (DSE) kept stable over the past few weeks, unlike the decline in the performance of the international stock markets, influenced by the repercussions of the economic situation.
The DSE Executive Director Maamoun Hamdan attributed this stability to the cooperation between the market and the Syrian commission on Financial Markets and Securities to implement the laws and legislations in this regard.
Some financial brokers said that Damascus market performance was better than expected being a new market and not having enlisted new companies during the last period.
The total value of DSE transactions exceeded SYP 155 million on May 12th .