Syria’s AANES Issues Decree to Regulate Currency Exchange, Remittances
QAMISHLI, Syria (North Press) – The General Council of the Autonomous Administration of North and East Syria (AANES) issued on Tuesday Decree No. 1 for 2023, which stipulates the regulation of currency exchange and remittances.
The decree is composed of nine chapters and 37 articles in which the General Council has defined the objectives of the law, its jurisdiction, licensing provisions, and how to combat money laundering.
The law also specifies the oversight mechanism, inspection, irregularities, and penalties, and includes some general provisions.
The decree aims to organize the exchange operations and contribute to maintaining the integrity and effectiveness of the financial and monetary system’s stability in all areas of the AANES.
The law stipulates all exchange brokers regularize their status in accordance with the provisions of this decree within three months of the promulgation of the implementing regulations. The Monetary Office will issue its regulation within three months of its issuance.
In late 2021, the AANES announced on its official website a study of the enactment of the Monetary and Central Payments Act in its regions.
The Administration, at the time, explained that it had introduced the Monetary and Payments Act, whereas “the Central Bank of Damascus does not take any effective action in accordance with its role as a monetary authority in the face of these unfavorable developments.”
Since mid-2019, the Syrian pound has deteriorated after the central bank in Damascus stopped direct and indirect support to stabilize its exchange rate under the economic sanctions imposed on Syria.
The Syrian pound continues to decline rapidly, falling to nearly 7.000 pounds against the US dollar early this year.