The Central Bank of Syria, in the cooperation of the police in the capital, Damascus, seized quantities of fake foreign currencies that include categories of the US dollar and the Saudi riyal, during an inspection campaign that included commercial stores and individuals practicing exchange and transferring money without obtaining legal licenses.
According to a statement by the Central Bank, the campaign resulted in the reservation of the funds used in these “illegal” activities and legal measures were taken.
Risk
The Central Bank called on the Syrians to avoid dealing with any non -authorized parties or individuals in the field of exchange or financial transfers to protect them from the dangers of exposure to forged currencies that are difficult to distinguish without specialized experience, and to avoid the consequences of legal prosecution in the event of seizing these currencies in their possession.
The bank affirmed that these measures aim to ensure the safety of financial transactions and protect the national economy from irregular activities.
resolution
It is noteworthy that the Central Bank of Syria Management Committee issued a decision this month includes obliging banking institutions to start taking the necessary measures, to reconcile their conditions with the provisions of the laws and regulations in force, leading to granting them the initial license by the Monetary and Credit Council in a manner that gives the legal feature to its work and activities.
The media office of the Central Bank of Syria confirmed in a statement carried by the official SANA agency, that the issuance of this decision comes after taking into account the negative effects and the high risks caused by the phenomenon of the exchange of the exchange profession without a license, and without passing the regular methods of practicing the aforementioned profession, especially related to the lack of observance of safety and effective control factors, and the consequent loss of the rights of customers.
The office pointed out that the aforementioned decision falls “in the context of the need for the Central Bank of Syria to practice the role assigned to it, in securing the necessary protection for the rights of citizens and enabling them to receive their remittances, especially the external ones, and implement exchange operations through the licensed and controlled financial institutions according to the rules.”
The office pointed out that the Central Bank of Syria is working to take the necessary measures to obtain a legislative instrument, to completely reorganize the exchange sector in Syria.
According to the decision, “licensed exchange institutions and working in the areas that were under the control of the revolutionary forces before the fall of the defunct regime are committed to starting the necessary measures to reconcile their conditions with the provisions of laws and regulations that are valid on licensed exchange institutions registered in the registry held by the Government Commission with the Banks Central Bank.”
According to the articles of the decision, “the relevant institutions and who want to reconcile their conditions are obligated to apply for a licensing of an exchange institution (company – office) according to the approved form, and to provide a receipt to pay the expenses of verification and study specified to the Central Bank of Syria Fund, and to carry out all procedures and provide all the documents requested by the Government Commission Directorate with banks, whether from the files on which the license was granted to the institution concerned starting, or any documents Additional you see it is necessary to follow up the process of granting the initial license in accordance with the provisions of this decision.
