Warning about the dangers of unregulated banking!

The exchange market in Syria witnessed stability in the price of the US dollar this morning in parallel transactions at the level of various cities. In the capital, Damascus, and the city of Aleppo, the price of the dollar recorded 11,550 Syrian pounds for purchase and 11,750 Syrian pounds for sale.

As for Idlib and Al-Hasakah, the price of the dollar recorded 11,500 Syrian pounds for purchase and 11,700 Syrian pounds for sale.

As for the euro, its price on the black market ranged between 11,862 liras for purchase and 12,073 liras for sale, while the price of the Turkish lira recorded 324 liras for purchase and 332 liras for sale.

The Syrian Central Bank set the exchange rate of the dollar against the Syrian pound in banks at 13,000 pounds for purchase and 13,130 pounds for sale, and the average price reached 13,065 pounds per dollar.

The exchange rate of the euro against the Syrian pound reached about 13,399.10 liras to purchase, and 13,533.08 liras for sale.

As for the Turkish lira, its price was recorded at 367.53 Syrian pounds for purchase, and 371.20 Syrian pounds for sale.

Economist Anas Fayoumi warned of the danger of the spread of foreign currency exchange operations in the streets, considering it a threat to the country’s economy and may lead to fraud and forgery.

Fayoumi called on the new Syrian administration to issue decisions restricting the exchange of currency to banks and exchange companies only, while allowing shop owners to accept foreign currencies in buying and selling operations.

He pointed out that there is confusion between the freedom to trade foreign currencies and the freedom of money exchange, stressing that trading must be through intermediaries in transactions for certain commodities, while the spread of money exchange in this way in the streets cannot be accepted.

He explained that after a short tour of the area surrounding the Central Bank of Syria, he noticed the large number of unregulated exchange sites, and suggested restricting exchange operations to public and private banks and exchange offices to ensure market protection.