Measures to lessen pressures on the Syrian Lira
Syria, Economics, 9/21/2005

Syria increased the interest rates by 1/2 % and permitted, for the first time, the issuance of certificates of deposit, Deputy Premier for Economic affairs Abdullah Dardari said Tuesday.

Dardari, speaking to a press conference held in Damascus, added that the economic reform and liberalization process in Syria is moving in the proper direction. "The move comes in the framework of economic reform program and turning to a social market economy to develop monetary system in Syria," Dardari said.

He underlined that the government adopted a series of procedures to tackle any pressure on the Syrian pound exchange rate, among which financing the trade, export and import, through the national banking system.

Governor of Central Bank Of Syria, Adeb Mayaleh, for his part, referred to the government's rapid procedures to liberalize commercial processes as well as giving much freedom to currency exchange rate.

He underlined that there is no fear on the Syrian Lira, and the government is daily monitoring the exchange market, adding that pressure on the Syrian pound led to change of the prices during the last days.

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