Syria Gulf Bank has announced the resignation of one of its board members.
The dollar surged 12 percent in the black market in the last week, while the lack of response from the Central Bank raises fears of a continued decline of the Syrian currency.
The bank manager accused of being responsible for the largest fraud case in Syria’s banking industry since the liberalization of the sector some ten years ago has been arrested, IBTF has said.
The DWX fell 0.78 percent last week with banking stocks continuing to dominate the market.
Banque Bemo Saudi Fransi has announced that it has been the victim of a new hold-up.
The dollar crossed the 100 pound level today, capping a week of rising pressures on the Syrian Pound in the currency market.
The Ministry of Finance unblocked this week the assets of Mourtada Dandashi, a Syrian investor and board director at Byblos Bank Syria, only a few weeks after it had frozen them.
The Central Bank of Syria devalued further the price of the Syrian Pound which crossed the level of 82 pound per dollar on Thursday and of 83 pounds per dollar on Saturday as the differential with the black market rate stands at some 15 percent.
SIIB, an Islamic lender, rose to become Syria’s largest private sector bank last year, preliminary data show.
The volumes exchanged last week in the Damascus Securities Exchange increased to SYP 35 million over trading in financial stocks.
An unusually large number of listed companies were traded in the Damascus bourse last week as the market index resumed its decline.
The assets of Mourtada Dandashi, a Syrian investor in the financial and real estate sectors, have been frozen by the Syrian government on claims that he finances “armed terrorist groups,” the expression the authority use to describe opposition activists and rebel forces.
The Damascus stock market index posted two successive gains on Tuesday and Wednesday to close the week on a positive note.
The Central Bank of Syria is trading for the first time the US dollar at above 80 pounds, while the value of the Syrian currency in the black market has remained stable for around a month.
Damascus International Fairground
Damascus 1st Tourism Shopping Festival