The SYP/USD opened the week’s trade at 47.69 and closed at 48.04, recording a 0.27 % increase, while the Euro started off the weekly trading at 67.72 and closed at SYP 67.59, with a 0.19 % drop.
According to the Central Bank of Syria (CBS) weekly report, the CBS has recently started 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 Dollar.
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 had fixed the SYP exchange rate against Dollar since the crisis started.
The CBS continues to meet the market’s needs of different currencies 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.