Central Bank of Syria uncovers reasons behind raising dollar exchange rate  

DAMASCUS, Syria (North Press) – The Central Bank of Syria revealed the reasons for raising the exchange rate of foreign currencies against the Syrian pound for foreign remittances. 

On Wednesday, the Central Bank of Syria raised the exchange rate of the US dollar against the Syrian pound, in its official bulletin.

One dollar reached 2,814 Syrian pounds (SYP) at an average rate instead of 2,512.

In a post on its official Facebook page, the bank indicated that the decision was based on a set of objective factors related to the global economic situation which suffers from high rates of inflation.

It also attributed to the increase in the prices of most commodities and their shipment wages which was directly reflected on the increase in prices in the local market. 

The price applies to a group of remittances, including international non-governmental organizations, UN organizations, and incoming remittances through Western Union, it further explained.

This is to enhance the ability of these organizations to work in Syria, and to encourage senders of remittances from foreign countries, especially the countries of the two Americas, to send remittances through regular transfer networks.

The Central Bank of Syria pointed out that raising the price of the banking and exchange bulletin entails raising the exchange rate of the customs and aviation bulletin, on the basis of which the estimated fees in foreign currency are collected.