The Central Bank of Syria is reportedly considering issuing dollar-denominated treasury bonds to finance the import of energy products, a prospect that could reflect a disconnect of the financial authorities with economic and political realities.
Family Members of Security Officials, Powerful Businessmen See Their Assets Frozen as Part of Government Drive to Recover Money
Updated on April 20, 2017: The list of investors whose assets were recently frozen by the Syrian government has dozens of prominent names, including family members of prominent security officials.
In March, stock prices in the Damascus Securities Exchange continued to rise, while trading activity, albeit lower than in February, remained relatively high.
The Ministry of Finance has obtained a freeze on the assets of dozens of the largest debtors of the country’s state-owned banks.
In February, listed securities in the Syrian stock exchange continued to rally as the market’s main index gained some 18 percent and the value of trading remained well above the monthly average of the past years.
Following in the steps of two of its competitors, BLOM Bank, Lebanon’s second largest bank by the size of its assets, has deconsolidated its operations in Syria.
Byblos Bank has announced that it was writing off its Syria investment and deconsolidating its operations there.
In January, stocks in the Damascus Securities Exchange surged to their highest levels in years as the end of the battle of Aleppo and the Russian-Turkish sponsored ceasefire attracted back investors.
The Ministry of Finance’s Large Taxpayers Unit again posted an increase in its revenues measured in Syrian pounds, according to a government official.
The main indicators of the Damascus Securities Exchange witnessed an overall positive performance last year when measured on a nominal basis, although the Syrian bourse remains largely disconnected from the economy at large.
Revenues from the customs department increased by around two thirds last year, representing now a meaningful source of income for the Syrian treasury.
Last week saw the addition of several individuals and entities based in Syria by the United Nations and the United States.
The value of the Syrian Pound relative to the dollar has increased in the past month as the regime gained ground in the battle over Aleppo and in other parts of Syria.
Damascus International Fairground
Dama Rose Hotel