Syrian Central Bank amends import financing decisions

The Central Bank of Syria has issued two decisions regarding import financing and managing export obligations as part of a package of measures announced two days ago that it will take to ensure exchange rate stability.

The bank said on its Facebook page that it has issued two new decisions “in accordance with the current directives of the Central Bank of Syria to make the necessary amendments to the decisions and instructions regarding foreign trade transactions.”

Resolution 112 includes “simplification of procedures for issuing permits to exporting industrialists to benefit from all export parts to finance their imports.”

While Resolution 113 includes “some amendments to Resolution 1071 regulating export transactions”.

The Bank said that the most important of these amendments “is that it is no longer permitted to set up export businesses, except for those with financial solvency” and that they “are intended to reduce the category of fake exporters who set up export businesses in their name. , and the actual process of exporting and receiving foreign currency is carried out by other persons who evade the application of laws and regulations.

Notably, the bank announced yesterday that as part of the package it is implementing, it has issued a circular that includes “instructing banks operating in the country to take the necessary measures to facilitate the process of opening new accounts or activating dormant accounts as quickly as possible.”

The bank announced two days ago that “based on the ongoing monetary policy reviews and analytical studies that it conducts, in addition to constantly communicating with various economic actors to see their concerns and proposals, a number of decisions will be made to be announced” . consistently over the coming period to ensure the stability and realism of exchange rates, as well as stimulate production”, as well as facilitating the availability of goods in the local market and the flow of export transactions.

Source: RT