SYP stable against USD at 47,69

The SYP exchange rate against the USD continued stable at 47,69 for the fifth month in a row, while the Euro started off the weekly trading at 67,94 and closed at SYP 68,64, recording a 1,03 % increase. According to the Central Bank of Syria (CBS) weekly report, the SYP preserved its stability against the USD due to the CBS measures taken to preserve the stability of the SYP exchange rate in the face of the conspiracy aimed at destabilizing the national economy. These measures included the cabinet's decision no. 84 which allows the Syrian citizens to purchase foreign currencies by less than USD 10,000 monthly to meet their needs of foreign currency. The CBS also activated the cabinet decision no. 5936 for 2011 which allows opening USD currency saving accounts, raising interest rate on deposits in SYP, in addition to decision no. 1174 on regulating the purchasing of foreign currency from banks and licensed currency exchange offices and selling foreign currency to the banks with the aim of meeting their needs. Dealing with Euro in the local market is still limited due to the fluctuation of its exchange rate and the international doubt in its ability to compete with the USD.