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CBS shuts down a number of currency exchange companies

Business
Damascus, The Central Bank of Syria (CBS) on Tuesday issued decisions to shut down 14 currency exchange companies that have not fulfilled their required role in terms of supporting the stability of the Syrian Pound exchange rate.A statement issued by the CBS said that the decisions prohibit these 14 companies from operating until 30/04/2020, explaining that this decision is motivated by the CBS' efforts to regulate the market and prevent manipulation of the exchange rate.It should be noted that the CBS intends to reevaluate the economic feasibility and the viability of currency exchange companies in general.Source: Syrian Arab News Agency

CBS shuts down a number of currency exchange companies

Business
Damascus, The Central Bank of Syria (CBS) on Tuesday issued decisions to shut down 14 currency exchange companies that have not fulfilled their required role in terms of supporting the stability of the Syrian Pound exchange rate.A statement issued by the CBS said that the decisions prohibit these 14 companies from operating until 30/04/2020, explaining that this decision is motivated by the CBS' efforts to regulate the market and prevent manipulation of the exchange rate.It should be noted that the CBS intends to reevaluate the economic feasibility and the viability of currency exchange companies in general.Source: Syrian Arab News Agency

Central bank of Syria to buy US dollar from citizens by 700 SYP for 1 USD

Business
Damascus, Central bank of Syria announced on Monday that any citizen who has money amounts in foreign currency can sell the Bank's branches in the Syrian cities without any documents by the price of 700 SYP for each US dollar.The price of exchange will be fixed daily by the Bank, Central Bank of Syria said in a statement.It called on the citizens to deal with the official banking channels and not to deal with the black market or the manipulators.Source: Syrian Arab News Agency

Central bank of Syria to buy US dollar from citizens by 700 SYP for 1 USD

Business
Damascus, Central bank of Syria announced on Monday that any citizen who has money amounts in foreign currency can sell the Bank's branches in the Syrian cities without any documents by the price of 700 SYP for each US dollar.The price of exchange will be fixed daily by the Bank, Central Bank of Syria said in a statement.It called on the citizens to deal with the official banking channels and not to deal with the black market or the manipulators.Source: Syrian Arab News Agency

Cabinet discusses executive mechanism on applying decrees No. 3 and 4

Business
Damascus, The cabinet discussed on Monday, in details, the role and mission of each Ministry to apply the executive mechanism of the legislative decrees No. 3 and 4, issued by President Bashar al-Assad, on punishing dealers with money other than the Syrian pound.The Cabinet, during its weekly session, led by Prime Minister Imad Khamis, affirmed that the two decrees are only targeting those who manipulate with the Syrian Lira, adding they don't target sectors of business, investment or foreign trade.President Bashar al-Assad on Saturday issued Legislative Decree No. /3/ for /2020/ on amending Article /2/ of Legislative Decree No. /54/ of /2013/.The decree forbids the use of money other than the Syrian Pound as a payment means for any type of commercial transaction.Source: Syrian Arab News A...

Cabinet discusses executive mechanism on applying decrees No. 3 and 4

Business
Damascus, The cabinet discussed on Monday, in details, the role and mission of each Ministry to apply the executive mechanism of the legislative decrees No. 3 and 4, issued by President Bashar al-Assad, on punishing dealers with money other than the Syrian pound.The Cabinet, during its weekly session, led by Prime Minister Imad Khamis, affirmed that the two decrees are only targeting those who manipulate with the Syrian Lira, adding they don't target sectors of business, investment or foreign trade.President Bashar al-Assad on Saturday issued Legislative Decree No. /3/ for /2020/ on amending Article /2/ of Legislative Decree No. /54/ of /2013/.The decree forbids the use of money other than the Syrian Pound as a payment means for any type of commercial transaction.Source: Syrian Arab News A...

Khamis at People’s Assembly: Decisions to regulate Syrian Pound exchange rate coming soon

Business
Damascus, The People's Assembly held its first meeting of it 12th regular session of its 2nd legislative term, chaired by Speaker Hammoudeh Sabbagh and attended by Prime Minister Imad Khamis.During the meeting, Premier Khamis said that the escalating aggression against Syria in its various forms led to economic repercussions that were meant to turn the people against the state, specifically the decrease in the Syrian Pound exchange rate, which increased burdens on citizens and hindered economic plans and programs.He said that the government is working to deal with the rise in prices and limited income from which citizens suffer, and this is done using various steps, some of them urgent that seeks to alleviate citizens' suffering and provide their needs.The Prime Minister said the governmen...

CBS, UN and international organizations operating in Syria discuss cooperation

Business
Damascus, Governor of the Central Bank of Syria (CBS) Hazem Qarfoul voiced the CBS' readiness to direct and continuous coordination with the UN Resident and Humanitarian Coordinator in Syria, and enhancing contact with international organizations in order to overcome difficulties in the banking sector.Qarfoul's remarks came during a meeting held on Sunday at the Central Bank of Syria with representatives of international and UN organizations operating in the country.Qarfoul pointed out to the need for increasing the effectiveness of the projects and programs carried out by the international organizations due to their role in alleviating burdens for citizens resulting from the sanctions imposed on the Syrian people.Participants in the meeting affirmed the importance of cooperation with the ...

Significant increase in areas planted with wheat and barley in Syria

Business
Damascus, The areas cultivated with wheat and barley in Syria for the current season have witnessed a notable increase in comparison with the last season as a result of the increase in the amount of rainfalls and the return of peasants to their hometowns following the prevalence of security and stability in most of the important agricultural areas.Director of Agricultural Production Department at the Agriculture Ministry Abdul-Moeen Qadmani told SANA that the execution rate of the plan of wheat cultivation for the current season reached 70 percent out of the plan which was estimated at 1,801,094 hectares while the execution rate of barley cultivation reached 96 percent out of 1,499,866 hectares which had been planned to be cultivated with barley and the process is ongoing, particularly wit...

Free Zones’ revenues exceed SYP 4.5 billion in 2019

Business
Damascus, The revenues of the General Establishment for Free Zones have reached up to SYP 4.5 billion in the year 2019 while the capital invested in them reached USD 628 million in parallel with continuing the projects of rehabilitating their facilities and activating the economic activity in them, in addition to handling the situations of their investors, and finding solutions to overcome the unilateral coercive economic measures imposed on Syria.Director of the Establishment Eyad Kousa, in a statement to SANA, said that the Establishment's revenues reached SYP 4,504 million while the value of the goods which entered the free zones amounted to SYP 44 billion while the exported goods reached SYP 49 billion.Kousa added that the invested capital at the free zones in 2019 was estimated at abo...