The US Treasury ordered on March 9 all commercial banks in the United States to end their relationships with the Commercial Bank of Syria (CBS) and its Lebanese subsidiary, the Syrian Lebanese Commercial Bank.
According to preliminary estimates the Commercial Bank of Syria has posted profits of SYP 17 billion (USD 327 million) in 2005, Doureid Dergham, the director-general of the bank, said. CBS had recorded profits of SYP 16 billion in 2004. Meanwhile total...
Bank Saderat of Iran and the Commercial Bank of Syria have decided to establish a joint bank in Syria, during the latest Higher Bilateral Committee meeting held in Damascus late February.
The nomination of the members of the Syrian Securities and Exchange Commission is bringing closer the set-up of the Damascus stock exchange.
The Syrian Government and all state institutions and companies will use Euros instead of US dollars in their foreign exchange dealings, following a Government decision on 14 February.
Two major Swiss banks have announced that they have severed all business dealings with Syrian institutions and individuals.
Four of the insurance companies that had received a preliminary license from the Insurance Supervisory Committee (ISC) last year have now been given a formal license by the Syrian Government to operate in the local market.
The Syrian Government has approved the draft text of the money dealers law that will legalize foreign exchange transactions in the domestic market.
Profits of the Real Estate Bank (REB) doubled in 2005 according to Mulham Dibo, its director-general.
Tax collection in Syria is improving following a series of laws and decisions issued by the Syrian government in the last two years.
Arab Bank Syria has opened its first branch in Damascus, making it the fifth private-sector bank to enter the country since market reforms in the sector took effect last year. Other branches in other Syrian governorates are expected to open this year.
The Real Estate Bank has issued Syria’s first certificates of deposits. The state-owned bank is issuing CDs for the following amounts: SYP 500 000, SYP 1 000 000, SYP 5 000 000, SYP 10 000 000, SYP 25 000 000 and SYP 50 000 000.
The Syrian pound has stabilized and regained some ground after the easing of international political pressure on Syria.
2nd International Finance Markets Investment Forum 2011
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