Gulfsands Petroleum, a London-based oil and gas company that is the operator and joint-owner of Block 26 in Syria, recently received a multi-million dollar financing facility that will allow the company to operate until December 2023.
The Syrian Salvation Government has decided to price oil products sold in parts of the Idlib Governorate controlled by Hayat Tahrir Al-Sham in US dollars rather than Turkish liras amid the rapid collapse of the Turkish currency. Meanwhile, the Syrian government has increased the price of subsidised petrol sold via the smart card system by 46 percent, as supply shortages persist.
For the third time in its history, the Ministry of Finance has announced that it will issue a set of treasury bonds worth billions next year through four auctions in the hopes that it will raise funds that could be used to finance the government's spending activities, meet the budget deficit, or invest in projects, among other things.
Last month, an Iranian private insurance company announced that its first foreign branch will soon be established in Syria. Having obtained the necessary approvals, Mellat Insurance Company (MIC) – a US-sanctioned company that belongs to the Execution of Imam Khomeini's Order, a parastatal organisation under the direct control of Iran’s Supreme Leader – will be the first Iranian company to enter Syria’s insurance sector.
Syrian microfinance institutions have recently converted into banks that provide various financial services, including microlending, to clients. Meanwhile, official data reveals the industry is performing modestly after emerging nearly two decades ago.
International Financial Center has become the latest Syrian brokerage firm to announce the suspension of its operations, confirming the continuous winding down of the involvement of regional banks in the local market.
Syria’s main stock index rose 24.4% during the first half of 2021, with the value of shares traded during that period almost five times as high as last year.
The main index of the Syrian stock market rose 3.66 percent last month in thin trade as the exchange launched online trading for the first time.
The governor of the Central Bank of Syria (CBS) has said traders are permitted to conduct transactions in foreign currency, in comments that were interpreted by businessmen and local media as a step towards a dollarization of the economy after the pound fell to record lows earlier this year.