Central Bank of Syria Resumes ATM Operations Amid Currency Changes
The Central Bank of Syria has recently announced significant changes in its monetary policy, setting the exchange rate of the Syrian lira at 15,000 to the dollar. This marks the third statement issued by the bank since the regime change following the ousting of President Bashar al-Assad. The announcement was made through a bulletin on the bank's website, which also detailed exchange rates for over 30 currencies, including the Turkish lira and the euro.
In comparison to previous rates, the lira's value has seen a dramatic decline, with the rate being 12.5 thousand liras per dollar just last Monday. This shift reflects ongoing economic instability in the region, and many Syrians are hopeful for a stabilization of exchange rates, particularly with expectations of increased foreign currency inflow from returnees, especially from neighboring countries like Jordan and Lebanon.
Economic Outlook and Banking Services
In conjunction with the new exchange rate, the Central Bank of Syria has resumed operations of ATMs and introduced electronic payment services. This initiative aims to enhance banking services and improve cash liquidity in the market. The bank has urged citizens to collaborate with financial institutions to access their legally guaranteed dues.
The Central Bank emphasized that these measures are temporary and will evolve towards a more integrated banking system that caters to the needs of its customers. The recent economic changes also highlight the importance of monitoring cash flow and ensuring stability in the banking sector as the country navigates through its recovery phase.
As of June 2011, Syria's gold reserves were reported at approximately 25.8 tons, valued at around $2.23 billion, although the current status of these reserves remains uncertain.
