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Syrian Central Bank confirms its ability to strengthen the lira to 200 USD


Butifldrm
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Syrian Central Bank confirms its ability to strengthen the lira to 200 USD

11:58 - 03/09/2018


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Follow - up - the balance of News 
confirmed the Governor of the Central Bank of Syria , Duraid Dergham, the central is able to reduce the US currency exchange rate of up to 200 pounds, from about 450 pounds to the dollar is currently in the market. 
"There are war merchants who have benefited and the Syrian currency has become hills, so I say that it is not permissible for me, and I am able to reduce the value of the dollar to 200 pounds, to allow these people to double their financial force twice, whatever their number," Dergham told a meeting of Aleppo Chamber of Commerce. And the rich of war, who have one hundred million pounds, can not give him a gift of another 100 million lira. " 
Dergham added that there should be no lenient reduction of citizens, workers and employees.
During the meeting, members of the chamber asked about the role of the bank to ease the burden on citizens and reduce prices. Drgham pointed out that salaries should be considered acceptable to citizens, rather than granting them large amounts of housing loans. 
He explained that the price of the house now amounts to 20 million Syrian pounds as a minimum, and when the salary of the citizen 30 thousand pounds, it means that the monthly household is 100 thousand pounds, and under the law is not deducted from the salary of the employee more than 30%, and in this case must be a salary Monthly employee 300 thousand pounds to be able to get a home, so you must work to think of increasing the salaries acceptable. 
It is noteworthy that the exchange rate of the Syrian currency is now on the black market 450 pounds to the dollar, after it was at 50 pounds before the war.

https://www.mawazin.net/Details.aspx?jimare=9697

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I need to show ya'll this.  Just like Iraq, syria is under IMF article XIV. 

 

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Syrian Arab Republic: Financial Position in the Fund
as of July 31, 2018

Summary of IMF members’ quota, reserve tranche position, SDR holdings, outstanding credit, recent lending arrangements, projected payments due to the IMF, and historical transactions with the IMF.

I. Membership Status: Joined: April 10, 1947; Article XIV
 
II. General Resources Account: SDR Million %Quota
       Quota 293.60 100.00
       IMF's Holdings of Currency (Holdings Rate) 293.60 100.00
       Reserve Tranche Position 0.01 0.00
 
III. SDR Department: SDR Million %Allocation
       Net cumulative allocation 279.18 100.00
       Holdings 282.20 101.08
 
IV. Outstanding Purchases and Loans:   None
 
V. Latest Financial Arrangements:
  Date of Expiration Amount Approved Amount Drawn
Type Arrangement Date (SDR Million) (SDR Million)
      Stand-By   Mar 12, 1964   Dec 31, 1964 18.50    18.50
      Stand-By   Mar 26, 1962   Nov 30, 1962 6.60    5.60
      Stand-By   May 02, 1960   Nov 01, 1960 7.50    7.50
 
VI. Overdue Obligations and Projected Payments to Fund  1/
   (SDR Million; based on existing use of resources and present holdings of SDRs):
                                        Forthcoming                                      
           2018   2019   2020   2021   2022 
  Principal            
  Charges/Interest     0.00 0.00 0.00 0.00
   Total     0.00 0.00 0.00 0.00
1/ When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
 
 
VII. Implementation of HIPC Initiative: Not Applicable
 
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):  Not Applicable
 
IX. Implementation of Catastrophe Containment and Relief (CCR):  Not Applicable

As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.
 
Prepared by Finance Department

 

http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=920&date1key=2099-12-31

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13 minutes ago, csd9013 said:

I don't think Iraq wants their country to prosper.

After September 5 a lot of "Stuff is lining up",Bitcoin Etf on the Markets,Litecoin Stock Meeting also the Iraq oil percentage sharing with the Iraq citizen's all going on that same week....Keeping my finger cross.....Iraq shook that coke can too long it's time to pop...lol

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1 hour ago, Butifldrm said:

I need to show ya'll this.  Just like Iraq, syria is under IMF article XIV

 

thanks dream, i :bulb: what ur saying if syria is under the same imf article as iraq and they can adjust their currency no reason cbi can't either when allowed .... all the best

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the only other thing I can think of in relation to currency and why Iraq isn`t moving  ,   assad ,  he  is  making it so , they are getting ready for the final battle , ( which I have heard is going to be a bad bass   out come ,  most likely another chemical onslaught , and level of the last hold out town , where all the militants were hauled off too or ran off too  ) ...   but   Syria is still in a war , and able to get  double the money  !  Iraq did a double the money years ago  and it is still worthless to the people ...  maybe buterfieldrm  ,can send this  post to  central bank ira ! ?   give them the  light bulb idea of the century  ... 

9 hours ago, Spartakus said:

I totally agree with CSD's comment. Based on my observation Shiitism is the problem. Alak, the CBI governor has built a great foundation for their economic to prosper, but at the same time , I don't think he has or want to take them to the promise land so to speak.

have been wondering this idea my self as of late,  why has it gotten soooo close too a great move in the rates  of the dinar , and  nothing moves  they seem to think  going from  / .1190  too .1160  is a huge movement  people will dance in the streets ?  ( w-t- h )  then I wonder if  ,some other  ding a ling is in play ,  someone in the big oil player community who  has enough pull to keep the dinar at crap wages , and yet pull billions in with every months tanker full of oil ?  

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Something and or some group is holding this back from happening. We have all been seeing great news articles for the past 3-4 months. Much progress has happened yet other countries seem to be making moves over night. I see this as something promising for us as well because if they can change value with a drop of a dime(no pun intended) then Iraq can do the same. The CBI has worked hard to keep the currency in compliance and have gotten all their systems set up for the country to move into the international sector. I really believe we are going to just wake up very soon and have the news we have been all waiting for. 

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Trying to find if Syria's currency is traded internationally.  Can't find any information about this.  (Probably not looking in the right place.)

I checked the Bank of America site.  Iraqi Dinar/Syrian Pound cannot be exchanged at BOA.

 

I'm thinking that Syria can raise or lower their currency at whim because they are not international, whereas Iraq is trying to go international and has to play by the rules.

 

This is just a guess.  Does anyone know for sure?

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In a meeting with the Chamber of Commerce of Aleppo on Wednesday 29 \ 8 \ 2018 The Governor of the Central Bank of Syria that the role of the central was in the past period closer to acceptable than expected and is working on preparing the tools to activate monetary policy, which is necessary and necessary because the central banks completed decades ago (Clearing the atmosphere of credit and lending and revive banks again after years of activation of exchange companies at their expense and activate the system of total settlements, which allowed free transfers within an hour only and days from any bank to another and complete the structure of electronic payment). He talked about solving the problem of small cash groups (including 50 lira) before the end of 2018. The Debt Modification Act will help solve the problem of non-performing loans, where the focus is on those borrowers who need operational capital and have sufficient reputation and guarantees.
In response to a question from the board members on the subject of floating the Syrian pound and how to intervene to reduce the burden on the citizen and reduce prices, and if it is possible to "reduce the price of pieces compassionate workers, citizens and employees." The answer was: "It is not permissible at this time to reduce the harm. Based on the dedication of some of the pens in the unjustified comments that undermine the reputation of monetary policy, we reaffirm the position of all citizens.
For two years, the Central Bank has been pursuing a policy of relative stability of the exchange rate of the lira, which is an important objective for stabilizing the prices of goods and services first, the prosperity of businesses and securing an atmosphere that creates the necessary jobs for citizens. The Syrians recall the return of previous years that the reduction of the exchange rate by one hundred or two hundred pounds is easy evidence of occurrence more than once (in May 2016, for example, increased speculation dollar in two weeks from 450 to 680 pounds and fell in two weeks to less than 400 pounds). But the problem was and will remain in the stability of the exchange rate because the volatility affects the citizen in the first place and serve the interest of speculators. Everyone knows that the speculator does not turn all of its money into dollars, but leaks lira and various currencies. The stability of the exchange rate prevents traders from raising prices significantly and prevents speculators from making profits they have been accustomed to in the past years. Therefore, we emphasize that it is easy to reduce the dollar 200 pounds, for example, but the difficulty is to achieve the relative stability of the local currency. 
Therefore, the Governor said that he is compassionate to the citizen should look for two topics the first is to prevent prices from repeating the great increases experienced in the years of war (The army's victories and stability of the exchange rate and government actions in the past two years contributed to the reduction of inflation). The second issue is that the citizen's ability to buy has been eroded to the extent that he no longer allows his salary to pay the price of any home he wishes to buy. The governor's question during the meeting was in response to the request of some to increase loans to citizens: Is priority to increase loans to citizens or raise their salaries to acceptable levels. We all know that the priority we are working on is certainly to raise salaries in a deliberate manner that does not allow for an inflationary atmosphere. And inflation certainly contributes to fluctuations in the exchange rate. Therefore, the Governor said that the lira is not chunky by the ordinary citizen, but by the traders and industrialists (as a result of the exercise of their natural work and their collection of Syrian pounds they found that their interest in preserving them instead of foreign currency lost 20% of their value last year) Waiting for ill-considered decisions similar to what has been happening in the past years to achieve large profits and unjustified. Do we care about the fate of the citizen and prevent prices from rising and the deliberate preparation of salary increases or lower the dollar exchange rate and give traders, industrialists and speculators the possibility of achieving extraordinary profits unjustified?
Based on all the above, we go back to asserting that monetary policy requires calm and dealing with events in a manner that guarantees everyone confidence in monetary policy away from unwarranted or unwarranted media statements.

 
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33 minutes ago, Butifldrm said:

lower the dollar exchange rate and give traders, industrialists and speculators the possibility of achieving extraordinary profits unjustified?

 

sure hope the cbi gov. does not have the same sentiments as the syrian central bank , that currency speculation profits are unjustified 😳 maybe i just read that part all wrong ... heres hoping

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4 hours ago, chris2028 said:

Something and or some group is holding this back from happening. We have all been seeing great news articles for the past 3-4 months. Much progress has happened yet other countries seem to be making moves over night. I see this as something promising for us as well because if they can change value with a drop of a dime(no pun intended) then Iraq can do the same. The CBI has worked hard to keep the currency in compliance and have gotten all their systems set up for the country to move into the international sector. I really believe we are going to just wake up very soon and have the news we have been all waiting for. 

That is for sure. :twothumbs:

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this is just rumor of this -------  THE CENTRSAL BANK GOVERNOR  , who  just read     Butifldrm    e-mail to him ,  was heard  saying  " heck  no  praise  god  "  we will not be left behind !  I GIVE  THE DINAR  A REVALUE  OF  2 TO 1  AGAINST THE DOLLAR   ....    well I did think the broom closet is  not the best place to eas drop on a conversation !     (  hahhaa  sorry folks  ,  just some humor  to lighten up  this crazy  news ... )

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1 hour ago, jeepguy said:

this is just rumor of this -------  THE CENTRSAL BANK GOVERNOR  , who  just read     Butifldrm    e-mail to him ,  was heard  saying  " heck  no  praise  god  "  we will not be left behind !  I GIVE  THE DINAR  A REVALUE  OF  2 TO 1  AGAINST THE DOLLAR   ....    well I did think the broom closet is  not the best place to eas drop on a conversation !     (  hahhaa  sorry folks  ,  just some humor  to lighten up  this crazy  news ... )

Better than under the bed for us big guys. :lol:

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7 hours ago, 3n1 said:

 

syrian pound i believe is not traded internationally you'd be landlocked like the iqd ..jmo

Im mainly sticking with dong rupiah and dinar. I don't really need to get involved with Syria I have one note of 500 Syrian pounds which I bought some years back. The main potentials are the dinar dong and rupiah.

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