The governor of the Central Bank of Syria has said that the USD 1 billion credit line recently received from Iran was helping his institution defend the Syrian Pound.
The US dollar crossed again the 90 pounds level this week in the Syrian informal currency market.
Russia sent more than 240 tons of cash to Syria last summer, according to a press report, in an additional confirmation of the continued support of the Russian authorities to their Syrian counterparts.
The value of the Syrian Pound fell at one point last week to around 90 pounds to the dollar in black market trading before regaining some of the lost ground early this week as the Central Bank of Syria appears to loosen trading restrictions.
Updated November 11: The official exchange rate of the Syrian Pound crossed on November 6 for the first time the level of 70 pounds per dollar as pressure on the Syrian national currency increased.
Pressure remained strong last week on the Syrian Pound, which fell at one point to 75 for a dollar, although it has since slightly receded.
The American Administration has added 35 new names of Syrian individuals and institutions to its sanctions list, while the EU announced new measures against the Syrian government.
The governor of the Central Bank of Syria has denied press reports that Syria was printing money to finance its deficit, claiming that new banknotes would enter the market to replace worn-out bills.
The Syrian Pound has remained stable in the last two weeks, trading at around 70 pounds per dollar in the black market, as the Central Bank attempts to bring closer slowly, but gradually, its official rate.
Syria’s Central Bank has lowered interest rates on time deposits by up to 2 percent in response to pressure from the business community and banks but at a time of high inflation.
Less than ten days after he was quoted as saying that a partial float of the Syrian Pound was underway, the Governor of the Central Bank of Syria said on Tuesday that there was no such plan and that press reports on the subject were based on fiction.
Updated November 28: The value of the Syrian Pound to the US Dollar fell to around 56 in black market trading last week, or some 12 percent off its regulated price, as political and economic pressures continued to mount.
The Central Bank of Syria sold through an auction some USD 15 million in foreign currencies last week as it attempts to counter pressures on the Syrian Pound.
Updated November 7 Syria’s Central Bank held on Thursday its first auction of US dollars and sold the American currency at a rate of SYP 51.30 or some 4 percent lower the market rate it sets.
Only a few days after it imposed a wide scale ban on imports, the Syrian government reversed its decision, confirming that it had no clear economic strategy without dispelling fears on the state of the country’s foreign currency reserves.
Following growing outcry from Syria’s business community, the Syrian government has decided to expand the list of products exempted from the import ban announced on September 23.
Syria's economy will grow by one percent this year, according to Mohammad Jleilati, Minister of Finance, in the first such estimate by a Syrian official since the beginning of the unrest in the country in March.
Syria has spent USD 2 billion since mid-March defending its national currency, according to Adib Mayaleh, the governor of the Central Bank, who denied rumours of Iranian help to support his country’s economy.
The Central Bank of Syria has closed some 30 foreign exchange bureaus and companies since the beginning of the unrest and associated pressure on the national currency, according to Adib Mayaleh, Governor.
The Governor of the Central Bank of Syria said that deposits in the banking sector had risen by 3.2 percent in the first half of May, compared to the same period of April, reversing a decline that had begun in mid-March.
The Central Bank of Syria has announced a 2 percent average increase in interest rates in a bid to prop up the national currency.
Syria’s financial industry has posted another year of significant growth across all sectors, according to the latest Syria Report business guide, Corporate Syria: Banking and Finance 2009.
The global financial and economic crisis appears not to have impacted significantly the industry, the report says.
The Central Bank of Syria will seek to prioritise investment finance when devising its policies, Adib Mayaleh, the Governor of the Bank said.
The Syrian Government has approved a draft text requiring local private commercial banks to increase their minimum share capital to SYP 10 billion, or some USD 217 million.
The Arab Monetary Fund is providing a loan of USD 45 million to support the structural reform of Syria's banking and financial sector.
Private Banks held over a third of all private sector deposits at the end of 2007, according to Adib Mayaleh, Governor of the Central Bank of Syria.
The Central Bank of Syria issued on December 12 a decision putting an end to the 6 banks operating in the Free Trade Zones.
The British Syrian Society organized on November 7 in London a one-day seminar on investment and business opportunities in Syria.
The Central bank of Syria has announced that it had awarded a preliminary licence to the Aga Khan Agency for Microfinance to open Syria’s first Microfinance bank.
Syria’s net liquid reserves of foreign currencies stand at USD 20 billion, according to Adib Mayaleh, the Governor of the Central Bank of Syria.
Adib Mayaleh, the Governor of the Central Bank of Syria, has announced that the link of the Syrian Pound to the Special Drawing Rights will start in July.
On February 19, the Syrian President formally issued Law N°15, which authorizes the Credit and Monetary Council, the authority in charge of supervising the banking sector, to license financial institutions that will provide small loans and micro f...
Syria Gulf Bank is planning to raise its capital in the coming few weeks according to Issam Nashawati its General Manager
Adib Mayaleh, the Governor of the Central Bank of Syria, has announced a new set of measures that will enter into effect early next year, during a major bank conference held in Damascus between November 3-5.
Syria’s foreign assets have grown by 20 percent in the last two years according to Adib Mayaleh, the Governor of the Central Bank.
The Central Bank of Syria has taken a new decision to encourage Syrian importers to conduct their business with local banks.
Adib Mayaleh, the Governor of the Central Bank has confirmed that private ownership of banks would be raised to a majority of 60 to 70 percent
The Syrian President has enacted a law allowing the establishment of money exchange establishments in Syria.
Two major Swiss banks have announced that they have severed all business dealings with Syrian institutions and individuals.
The defiant speech from the Syrian President on November 10 has led to a slide in the value of the Syrian currency amid fears that international sanctions were looming.
The tensed political situation in Syria has pulled down the value of the Syrian pound before a series of measures from the Central Bank helped it recover its value.
The Central Bank of Syria (CB) is preparing a money dealers law, the CB's governor Adeeb Meyala told the Syrian daily newspaper Al-Thawra.
Syria took a first legislative step towards establishing its own stock exchange on June 19 when Syria’s President Bashar al-Assad issued Law No. 22 for 2005 demanding the creation of a regulatory body known as ‘The Syrian Securities and Exc...
Islamic Banks have been allowed in Syria following a Presidential decree in that sense issued on May 5th.
The rate of the Syrian pound to the US dollar slightly fell early April to SYP 55 to a dollar before regaining some ground.