Except a large transaction involving shares of the National Insurance Company, trading in the Syrian bourse last week was dull.
The announcement last week by the Central Bank of Syria that it planned to pump more than USD 150 million this week to prop up the pound has done little to reassure markets or to strengthen the value of the national currency.
The dollar has crossed the 200 pound level in the Syrian foreign currency market for the first time in months.
ISIS, the radical takfiri group that controls large swathes of Syria, announced last week that it would start minting its own gold, silver and copper coins.
Both the DWX and the value of trading in the Damascus Securities Exchange slightly declined last week.
A new law has been enacted in Syria establishing a banking court that will judge all lawsuits related to the banking sector and serve as a means for banks to recover faster debts owed by their clients.
After holding steady for several weeks the Syrian Pound lost again last week some ground relative to the U.S. dollar.
Adib Mayaleh, the governor of the Central Bank of Syria, who also answers to the French name of André Mayard, lost a bid to remove sanctions imposed on him by the European Union.
The Syrian bourse saw last week the beginning of trading on Al-Baraka Bank Syria, the latest stock to be listed in the exchange.
The DWX continued last week its slow decline, shedding 0.21 percent, although the value of trading is so low that price changes bear little significance.
The Commercial Bank of Syria, the country’s largest bank, saw a stabilization in its deposits and credits in the first three quarters of this year.
The Official Journal of the European Union has published the names of the 16 individuals and two entities blacklisted last week by the European Council, confirming that the focus of western sanctions remains Syria’s oil sector.
At the end of last week, the DWX, the Syrian stock market’s main index, remained below the 1,300 mark, a level it has not crossed for more than a month.
Three years after the Syrian air force began bombing its own towns, the EU has decided to ban jet fuel and additives exports to Syria because “they are being used for indiscriminate air attacks against civilians.”
The U.S. Government has blacklisted several companies based in Cyprus and Lebanon for providing material support to the Syrian Government.
City View 2011 - Damascus
Four Seasons Hotel
Damascus International Fairground