Subjects – Syria Report

United Arab Emirates


While Damascus’ rapprochement with the Arab World is accelerating, the United States and members of the European Union, among which France features prominently, still claim that their policy on Syria is unchanged. However, a growing number of French analysts have reported that powerful economic lobbies are pushing the French presidential palace to restore ties with the regime in the hope that France will reap economic benefits. The recent visit by a board member of the Damascus Chamber of Commerce to Paris only lends credence to these claims.
Ahead of the Turkish elections, one of the key areas of concern remains the future of Ankara's policy towards Syria and Syrian refugees. As Turkey continues to navigate the complexities of the Syrian conflict, it is important to understand how the election results may shape its approach towards its neighbouring country.
Earlier this year, the Central Bank of Syria authorised a UN agency to take credit facilities from local banks in Syrian pounds using its foreign currency deposits as collateral. While UNRWA would pay interest on this credit facility, it would benefit from exchanging its dollars only after 3 months have passed given the successive rounds of devaluations by the Central Bank.


This profile provides an account of Syria's six state-owned banks, covering their operations over the past two decades and the sector's losses and recovery efforts since the start of the 2011 conflict.


Import and export; computer maintenance; installing air conditioning units; buildings demolition; and contracting.