The Syrian pound is collapsing, the Central Bank forced the banking companies buy USD



21-09-2014 11:16 PM

The Syrian Central Bank committed Sunday, companies and bureaux de change in buying foreign exchange from the price of 184 pounds to the dollar, to put companies in the market to absorb the increased demand for foreign currencies.

These actions came after the Syrian confidence in their currency rate of inflation by more than 175%.

Syrian economic sources said, the Central Bank's meeting that included members of the monetary and credit Council and some companies, foreign exchange bureaux and representatives of some private banks, examine the causes of the fall in the price of the pound more than 15 times during the month.

The meeting also saw, they said, the threat of Exchange companies to withdraw their licences and custodial sentences ' waving that has stood by the State to improve the price of the pound ', with the emphasis on the ' Central Bank of Syria stands lookout for attempts to tamper with the stability of the Syrian pound, and that would cause the loss of money'.

Financial analyst firm said that Central Bank interventions ' will not work on improving the exchange rate of the pound, it lost all power and stability factors after squandering foreign cash reserve and the paralysis of industry, agriculture and export and tourism, as the definition of the Syrian economy, after oil exports and the loss of Bashar Al-Assad returns from exporting 140,000 barrels of crude oil يوميا'.

Hazem Ahmed said, speaking for the ' new ' Arab, to the failure of the decision of the Central Bank of Syria, two days ago, by requiring companies to buy $1 million, and purchased $500,000 at 184 pounds, and sold by the price of 185 lire to the dollar.'

He said: "soon the dollar rose to 187 pounds and 190 selling, despite the security patrols and controls on the money market, with higher rates in the markets of Aleppo and the border'.

Financial analyst predicted that the dollar's drop to 180 pounds, before returning to rise again after running out of foreign exchange which obliged the Syrian Central Bank foreign exchange actors purchased.

The economic part, surprised Jennifer Syrian monetary authorities interact with the currency market developments. The ' Central Bank decreased during the week for a lira pricing about ten lire to the dollar, and on 16 September the dollar exchange rate Syrian pound b 175.78 intermediate price as pound sinks and b 175.87 as intermediate institutions exchange rate'.

Four days later, select the dollar versus the pound to commercial and non-commercial purposes and personal remittances by 185.15 lire, before deciding to sell the dollar to 184 pounds, how much would the exchange rate in the market? Wondering back.