While the Syrian Pound continues to lose ground in the local foreign currency market, its rate of decline is slower since the beginning of the summer.
Bank Audi, Lebanon’s largest banking grouping, has announced that it has written-off its investment in Syria and that its representatives in the bank’s board of directors have resigned.
Al-Baraka Bank Syria, an Islamic lender and one of the newest comers to the Syrian banking sector, saw its assets jump 50 percent in the first half of this year.
The value of the shares traded last month in the Damascus Securities Exchange fell to its lowest level since the beginning of the year.
ISIS has started using its own currency, the Islamic dinar, to impose fines on inhabitants of Raqqa and other towns under its control.
The state-owned Syrian Insurance Company held almost two thirds of the insurance market in the first half of this year, official data show.
As fiscal revenues remain very low, the Syrian government is on the hunt to generate more income through raising all sorts of taxes and fees and cracking down on tax fraudsters.
The third quarter of this year saw a marked decline in the value of the shares traded in the Damascus Securities Exchange.
The Islamic State has reportedly begun the circulation of its new currency in the city of Raqqa.
At least a third of the government expenses last year were funded by long-term borrowing from the Central Bank of Syria, according to a recent report.
Data from Wikileaks have confirmed that the Central Bank of Syria has deposited significant amounts of its foreign assets in the Russian banking system.
Syria’s government has given more details on its annual budget to pay compensations to pensioners from the public sector, both civilians and members of the armed forces, and their families.
The month of August saw a slight increase in the Syrian stock market index and in the value of shares traded.
The Central Bank of Syria has restricted the operations of foreign exchange companies to non-commercial transactions.
The Syrian pound is continuing its downward spiral and lost in the last week some five percent of its value relative to the dollar as the Government admits that its foreign currency reserves are now very low.
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