SYP/ USD exchange rate increases by 0.12%

The SYP/USD opened the week's trade at 54.57 and closed at 54.69, recording a 0.22 % rise, while the Euro started off the weekly trading against the SYP at 73.06 and closed at 73.07 with an increase of 0.013 %. According to the Central Bank of Syria (CBS) weekly report, the CBS has continued steps to support the exchange rate of the SYP as it started last September 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 foreign currency. 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 fixed the SYP exchange rate against Dollar since the crisis started. The Central Bank 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. It has included the Chinese Yuan in its daily exchange rates bulletin since last September to facilitate trading in light of heading eastward, particularly towards China. 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.