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.
The Ministry of Finance has put a cap on premiums generated by private sector companies from third-party insurance in a bid to increase revenues at the state-owned insurance company.
The average wealth of Syrians in 2016 is only around a quarter of what it was before the uprising, a recent study has found.