Finance

31-01-2023
Cham Capital, one of the seven brokerage firms still operating in the Damascus Securities Exchange, has recently announced that it was dissolving. The closure of the Makhlouf-linked company had been expected for two years.
08-11-2022
The Hijaz Railways Organisation recently announced that it generated thousands of dollars in cash and millions of dollars in shares from its investments in Solidere, the company established by the late Lebanese Prime Minister Rafic Al-Hariri in 1994 to rebuild and develop Beirut after the Lebanese civil war.
19-10-2022
On October 11, the U.S. Department of Treasury’s Office of Foreign Assets Control and Financial Crimes Enforcement Network levied the largest-ever penalty against a cryptocurrency exchange company for violating several sanctions programmes, including that of Syria. The action raises concerns about the growing use of virtual currency among sanctioned groups and individuals who seek to bypass sanctions and finance illegal operations, especially in Hayat Tahrir Al-Sham territories, where two cryptocurrency companies exist. 
11-10-2022
On October 11, the U.S. dollar crossed the 5,000-pound mark in the Syrian foreign exchange market for the first time on record, reflecting the surge of the American currency in global markets and the poor economic conditions in the country.
27-07-2022
Deutsche Bank AG has been fined USD 7.10 million (EUR 7.01 million) in a settlement following an investigation related to money laundering for relatives of President Bashar al-Assad. Deutsche Bank is said to have processed payments for the president's notorious uncle, Rifaat Al-Assad, in its capacity as a correspondent bank for another lender, according to German prosecutors.
26-07-2022
The Ministry of Finance has authorised the trade of treasury bonds on the Damascus Securities Exchange starting next month. The government’s latest decision, which may attract more investors, comes ahead of the second T-bond auction scheduled for August 8. 
19-07-2022
Banque Bemo Saudi Fransi responds to an article published by The Syria Report on links between its microfinance subsidiary and a militia-affiliated charity in Syria.
28-06-2022
An affiliate of the Bemo banking group is providing microfinance loans to members of a charity linked to a militia that fought during the war and to various Iranian political figures. The charity is based in the Damascus suburb of Sayyida Zeinab. Another company involved in this project is the local agent of Western Union. The move carries serious risks to the group’s reputation.
31-05-2022
Syria’s two main stock exchange indices gained between 11 and 15 percent in the first quarter of this year, although inflation and the low value of trading make it difficult to compare with previous periods. Meanwhile, the value of shares traded during the first quarter of this year was significantly less than the last quarter and the first quarter of 2021.
01-03-2022
The year 2021 saw a significant increase for the main indices on the Damascus Securities Exchange, the only market in Syria for the trade of securities and bonds.
01-02-2022
The Syrian Cabinet has approved the framework and methodology for a new electronic billing system that aims to regulate commercial transactions and help the government calculate taxes for businesses amid the reportedly high volume of tax evasion. The system will be connected to a QR code system launched by the Ministry of Finance to verify invoices issued by businesses.