Updated February 20: Syria’s private banking sector saw a decline of some 13.5 percent in total assets last year although it managed to increase revenues and profits, largely on the back of foreign currency revaluations.

The Syrian Pound has remained stable since the beginning of February, trading at around 72 pounds per US Dollar in black market dealings.

Bank of Syria and Overseas became this week the first Syrian commercial bank to report a robbery of one of its branches since the beginning of the unrest gripping Syria last year, highlighting the growing insecurity in several parts of the country.

Syria’s stock exchange regained some life this week with the market’s main index rising by 0.86 percent and trading activity also increasing, although overall volumes remain very small.

Byblos Bank Syria has gained regulatory approval to raise its stake in Adir Syria, its insurance affiliate.

Trading volumes and prices fell last week in the Damascus Securities Exchange although some brokers hope that positive financial results by banks may partly help revive interest in their stocks.

The Syrian Government has appointed a new general manager for the Real Estate Bank, one of six state-owned banks in the country.

Qatar National Bank Syria has reported a small decline in its balance sheet last year but a significant increase in operating income and net profits despite the general economic downturn.

The Syrian Commission on Financial Markets and Securities has announced that all shares owned by Issam Anbouba, a local businessman, and his three sons in public joint-stock companies would be frozen following a court order.

Capital Intelligence, a credit rating agency, said last week it had withdrawn its rating of Bank of Syria and Overseas, the only Syrian bank in its portfolio.

Syria’s stock exchange remained stable this week with the market’s main index shedding only 0.08 percent.

Arab Bank Syria has announced the resignation from its Board of Basma Talal Zein, a founding shareholder.

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.

The US dollar is trading again at around 70 Syrian Pounds some ten days after the Central Bank allowed local banks to price freely their foreign currencies in hopes that money traders would be encouraged to sell them and that pressure on the Pound would decrease.

Mehran Khwanda, the main shareholder and head of the Khwanda Group, has announced his resignation from the board of directors of Bank of Syria and Overseas, following his inclusion in a blacklist issued by the European Union last week.