The Central Bank of Syria (CBS) has announced that it expanded the list of subsidized imports at the official exchange rate of the Syrian pound (SYP) and published the list of imports that are funded according to the preferential price.

According to a statement published by the CBS on Thursday, 6 February,  the bank expanded the list of products that are funded and imported for the Syrian Trading Company benefit at the price of 434 SYP per US dollar (USD).

The CBS announced a list of the supported products based on a preferential price of 700 SYP per USD. The list includes importers of essential commodities and industrial and agricultural production requirements.

The CBS stated that it circulated the lists to all public and private banks in Syria, which are licensed to deal in foreign currencies.

According to the CBS’s preferential price, financing products included register licences and permits for the importers’ contracts signed with public sectors to supply products for the benefits of the public sectors (except for imports which are funded at the official exchange price of SYP which is 434 SYP [ 0.423 USD ] ).

However,  the funding can also involve all the raw materials and requirements of industrial and agricultural products which are not set in the list of funded materials at the preferential price of 700 SYP (around one USD) under one condition; the importer upon his request for financing should attach a letter issued by the Directorate of Industry or Agriculture, stating that the materials requested to be funded under the import license/approval, and invoices are for importing raw materials or requirements of industrial or agricultural production.

Decrees “3” and “4” issued by the President of the Syrian regime, Bashar Al-Assad, raised concern among the industrialists and businessmen, as these decrees constituted the difficulty of obtaining foreign currencies to finance their imports.

The decrees issued on 18 January stipulate the imposition of stricter penalties for those who deal and trade with any currency other than the Syrian pound.

Moreover, the internal security forces intensified their patrols after issuing the two decrees to control dealers in dollars and other foreign currencies.

The schedule of imports funded by the Central Bank of Syria in official and preferential prices.