The Central Bank of Syria decided today, Thursday, 23 April, to establish the “Damascus Electronic Market for Foreign Currencies and Gold” to regulate trading operations and unify the pricing reference, limiting distortions and reflecting supply and demand forces accurately and in real time.
Central Bank governor Abdulkader Husrieh described the decision to establish the market, in a statement through the bank’s channel, as “a pivotal step in the path of developing monetary policy and strengthening financial stability.”
The global online financial brokerage STARTRADER, which provides trading in currencies, Forex, commodities, and stocks, said there are huge, organized global markets for trading forex and gold. These markets operate almost continuously, 24 hours a day, five days a week, allowing investors and individuals to exchange currencies and buy and sell gold as an investment commodity.
Gold and Currency Market to Limit Speculation
Husrieh said the establishment decision comes:
According to Husrieh, this “electronic” market, which will be established for the first time in Syria according to international standards, will contribute to:
What Is Decision No. 189
According to data from the Directorate of Economic Research, General Statistics, and Planning at the Central Bank of Syria, the decision concerns the unification of exchange rate bulletins issued by the Central Bank.
Under the decision, the exchange rate bulletins issued by the Central Bank are unified into one bulletin called the “official bulletin,” issued daily. It sets:
The Central Bank also issues a daily bulletin called the “cross-rate bulletin,” setting cross rates for the US dollar against other foreign currencies.
Restructuring the Exchange Market
The governor of the Central Bank of Syria explained that this market will be managed through a platform updated according to international standards, with the participation of parties committed to these standards, in a way that:
He added that this Central Bank decision comes as part of a package of measures taken to restructure the exchange market and the financial professions connected to it.
Husrieh affirmed the Central Bank of Syria’s commitment to continuing the implementation of its comprehensive strategy to achieve balance in the exchange market and supports the path of economic recovery.
Currency Market After Sharp Pound Volatility
The Central Bank of Syria’s decision to establish an electronic market for trading currencies and gold aims to achieve balance in the exchange rate of the Syrian pound against the US dollar, following confusion and sharp fluctuations in the Syrian pound’s exchange rate against the US dollar, both upward and downward, from about two weeks ago until now.
The governor of the Central Bank of Syria, Abdulkader Husrieh, denied on Wednesday, 22 April, the validity of circulating reports that foreign currency remittances would be delivered exclusively in Syrian pounds, according to the Syrian Arab News Agency (SANA).
Exchange and remittance companies and offices circulated news on Wednesday stating that, starting today, remittances would not be delivered in US dollars or any other currency, but exclusively in Syrian pounds, at a Central Bank of Syria rate of 12,750 pounds per dollar in all exchange and remittance offices.
Until Wednesday, markets were experiencing confusion and unease because four exchange rates existed for the Syrian pound against the dollar, according to Enab Baladi’s monitoring.
Fuel was sold on Wednesday at an exchange rate of 13,200 Syrian pounds, while the remittance exchange rate was set at 12,750 Syrian pounds, and the dollar exchange rate at exchange companies was 12,850 Syrian pounds.
Meanwhile, the Central Bank of Syria continued to set the official exchange rate of the pound against the US dollar at 11,000 for selling and 11,100 for buying.
Syrian markets have witnessed a new wave of rising prices for basic goods and products since last week, coinciding with an increase in the dollar exchange rate on the black market.
The rate reached its highest level on Wednesday, 15 April, at 13,600 Syrian pounds, before falling below 12,900 pounds to the dollar and settling today at 13,050 Syrian pounds.
Foreign Exchange Market, Forex
According to Saxo Bank, a leading Danish investment bank in online trading and investment, “Forex” is the largest financial market in the world, with average daily trading volume exceeding $7.5 trillion. These are the market’s main features:
But according to Saxo Bank, trading currencies and gold involves high risks because of rapid fluctuations, especially when using leverage. Therefore, traders must understand the mechanisms and manage risks well.
Gold Market
According to the World Gold Council (WGC), founded in 1987, gold is traded globally through two main methods:
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