The Syrian financial sector performed extremely well in 2007 according to the latest annual survey of the Syria financial sector, Banking and Financial Services Syria 2008.
Assets of the Syrian Banking Sector reached USD 34 billion at the end of 2007, an annual increase of 12 percent, while net credit facilities increased by 25 percent. Private sector banks were the main drive behind this expansion as their total balance sheet increased by 60 percent.
Beyond banking, however, all financial services witnessed significant development including the first private money-changers allowed in Syria in four decades, the licensing of numerous brokerage firms, the significant increase in per-capita insurance expenditure, the peg of the Syrian Pound to the IMF’s SDRs and the set-up of the first Islamic banking and insurance institutions.
These findings are among a large number of data and information available in this 36-page industry profile released today by The Syria Report Banking and Financial Services Syria 2008 includes also an interview with Adib Mayaleh, Governor of the Central Bank of Syria, an overview of the performance of private banks and insurance companies in 2007, an overview of Microfinance and Takaful insurance investment in Syria, a listing of all brokerage firms and foreign exchange firms that have received a license to establish in Syria, etc.