Middle East Economic Survey

VOL. LIV

No 45

7-Nov-2011

syria

CBS Auctions Dollars To Stabilize Forex Market

The Central Bank of Syria (CBS) has for the second time resorted to selling the US currency by auction in a bid to determine a market value for the Syrian pound. The first auction was held on 27 October and resulted in the sale of $5mn at the exchange rate of $1=S51.30, and the second auction on 2 November covered the sale of $13.5mn at the exchange rate of $1=S51.25. CBS Governor Adib...