Syria’s Central Bank unifies exchange rate bulletins
Shafaq News/ The Central Bank of Syria (CBS) unified all its exchange rate bulletins into a single document titled the "Official Bulletin," the bank announced on Sunday.
The CBS also revealed that the exchange rates published in the bulletin—including buying, selling, and the median rate—will be determined based on a review of exchange rate fluctuations and relevant economic factors. These rates will remain subject to change in accordance with market dynamics and foreign currency supply and demand.
“The move is part of ongoing efforts to standardize exchange rate publications, address discrepancies in exchange rates, and mitigate their negative effects. The decision also aims to narrow the gap between the official and parallel market rates while curbing speculative trading, in line with directives from the Prime Minister’s Office,” the CBS pointed out.
Additionally, the CBS granted licensed banks and exchange institutions greater flexibility in issuing their own exchange rate bulletins for transactions with the public. These rates must adhere to the daily price movement margin set by the central bank, allowing financial institutions to adjust their pricing within a specified percentage range above or below the official rate.
According to Lira Today, a website tracking black-market exchange rates, rates for the US dollar ranged from 10,250 to 10,650 liras. Meanwhile, the Central Bank of Syria recently raised the official exchange rate to 12,000 liras per dollar for buying and 12,120 liras for selling.
