The Central Bank of Syria (CBS) has started to circulate SYP 5,000 notes, the highest ever denomination of the currency to be issued, in an acknowledgement of the intractable inflation that has been afflicting the country for years.
The year 2020 saw a recovery for the main indices on the Damascus Securities Exchange after both fell the previous year despite high hopes from new listings.
Lebanon’s Bank Audi will sell all shares of its Syrian subsidiary to Banque Bemo Saudi Fransi and quit the country, in the latest reversal to Syria’s pre-war economic liberalisation.
Cham Capital LLC, a brokerage firm partially owned by Rami Makhlouf, is preparing to close soon, according to a source in the brokerage sector, a move highlighting the ongoing toll of the spat between the government with one of Syria’s most prominent businessmen.
The Central Bank of Syria has introduced a new exchange rate for the fees paid by Syrian men to avoid mandatory military service. The new price for the dollar is twice the official rate, raising fears among many Syrians that the increased rate may soon be applied to other transactions as well.
Syria’s insurance premiums increased by nine percent in the first half of this year, according to official data. Given the high inflation rate, this reflects a steep decline in real terms, reflecting the poor state of the economy.
Syria’s main stock market indexes recovered slightly in November after falling to their lowest level in almost two years the previous month.
Two private Syrian banks owned partially by foreign investors have taken steps to rebrand, in a move to reduce the risk for foreign shareholders a few months after the enactment of the Caesar Act.
The Syrian pound has renewed its sharp decline and is once again nearing the level of 3,000 pounds to the US dollar it crossed this summer before making a modest recovery.
The Central Bank of Syria said that it raised SYP 101.6 billion from its latest issuance of certificates of deposit (CDs), but it once again faced a lukewarm response from local banks.
ATMs are once again partially operating in Syria after new payment companies affiliated with the regime were established, about five months after the sudden withdrawal of the main ATM operator from the market.
The international accounting firm Deloitte’s regional branch decided to close its offices in Syria at the start of the year, joining a growing list of large professional-services firms which have left Syria since the start of the conflict, The Syria Report has learned.
Updated on November 16,2020 The Central Bank of Syria said it plans to carry out a third issue of certificates of deposit (CDs) this year to raise funds for the government.
The value of shares traded in the Damascus Securities Exchange last month fell to its lowest level in over two years.
The Central Bank of Syria has provided data on the performance of the banking sector as a whole, including that of state-owned banks.


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