The Central Bank announces supervision on the implementation of the Business Initiative to support the Syrian pound

The Central Bank of Syria announced that it will supervise the executive mechanism of the initiative launched by the business sector to support the Syrian pound to reach an acceptable level of exchange rate by virtue of its mandated tasks.

In a statement to SANA, the Director of Economic Research at the Central Bank of Syria, Ghaith Ali, said that the bank welcomes the initiative of the business sector and the contribution of economists, exporters, traders, industrialists and importers which aim at supporting the Syrian Pound as well as the national economy.

Ali pointed out that the initiative, as announced by its organizers, requires that businessmen, exporters, traders and industrial importers to deposit funds in foreign currency `` US dollar '' from their surplus savings funds in a special account for this initiative at  the Commercial Bank of Syria and its branches in all governorates, under the supervision of the Central Bank of Syria.

“This initiative demonstrates the "national sense among businessmen and their responsibilities towards issues related to the advancement of the national economy and support the Syrian pound", Ali added.

For his part, Deputy Chairman of Damascus Chamber of Commerce Ammar al-Bardan stressed the importance of the initiative launched by the Federation of Syrian Chambers of Commerce and Industry due to its impact in improving the exchange rate of the Syrian pound.

Al-Bardan highlighted the importance of the meeting held yesterday at the Sheraton Hotel in Damascus, which included the Governor of the Central Bank of Syria and representatives of the Federation of Chambers of Commerce and Industry in preparation for the launch of the initiative by depositing cash in dollars in the account of the initiative by businessmen in order to have a positive impact in the exchange rate adjustment and raise the value of the Syrian pound in the parallel market.

Al-Bardan considered the initiative a national action through which businessmen will deposit foreign currency in the account, each according to his ability.

Inas Abdulkareem