Central bank collects 131 billion pounds of certificates of deposit

The Syrian Central Bank has collected about 131 billion Syrian pounds from the issuance of certificates of deposit, with the aim of activating monetary policy and controlling the supply of currency on the local market and the Use of funds in projects.

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The Central Bank indicated that the number of certificates of deposit subscribed to the issue, which was closed yesterday, amounted to 1308 certificates worth 130.8 billion pounds distributed to 16 banks in Syria. The certificates were issued at an interest rate of 4.5% per annum and a par value of 100 million lire per certificate.

"Thanks to its IPO, the Central Bank has been able to more effectively control the supply of liquidity by activating various monetary instruments," said Syrian Deputy Prime Minister Mohammad Hamra.

"When banks use a portion of the deposits in these certificates, they can accept more deposits from the population, thereby taking some of the excess cash out and using it for financing and financing purposes. ;employment."

Hamra pointed out that the issuance of these certificates will have positive effects on inflation and the exchange rate, absorbing part of the money supply.

On the plans of the next Syrian central bank, the official announced that the bank intended to issue certificates of deposit in US dollars and certificates for Islamic banks.

Source: "Al Watan"