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Name Syria Central Bank
Name Syria Central Bank

CBS: USD Rises against SYP, Euro Drops

(Dp-news)  DAMASCUS- According to the Central Bank of Syria (CBS) weekly report, SYP/USD exchange rate opened last week's trade at SYP 59.90 and closed at 60.27, recording a 0.61 % rise, while the Euro started off the weekly trading against the SYP at 78.65 and closed at 78.63 with a drop of 0.02 %.

CBS has continued steps to support the exchange rate of the SYP as it started last September to move the SYP/USD exchange rate in accordance with the global exchange rate movements in a way that reflects the changes in the local supply and demand of foreign currency.
The CBS decision came after the recent US sanctions which led Syria to replace the Dollar with other currencies. This move ensures better stability of the SYP exchange rate against other foreign currencies after the CBS fixed the SYP exchange rate against Dollar since the crisis started.

The Central Bank also keeps doing his best to amend local market's needs of different currencies in order to keep the exchange processes going on and prevent any freeze due to the imposed sanctions.
The local market is witnessing a remarkable improvement in the trading in the Euro after the CBS decision to stop dealing in the Dollar and shift to other currencies.

As violence in Syria escalated; the Syrian pound plunged earlier critically to a new low of 105 to the US dollar fueling the country's growing economic crisis and fears among many Syrians of a collapse into grave poverty.

The Central Bank of Syria (CBS) had included the Chinese Yuan and the Russian Ruble in its daily exchange rates bulletin since last September to facilitate trading in light of heading eastward, particularly towards China.
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