The Central Bank of Syria has issued two new decisions in a bid to strengthen its currency. Their long-term impact, however, remains doubtful.
The National Islamic Bank will launch its initial public offer on August 17 and will become the largest Syrian bank by the size of its capital.
Payoneer Inc., a publicly traded New York-based online payment company, has agreed to pay USD 1.4 million to settle its potential civil liability for failing to prevent breaches of US sanctions, including on Syria.
The Syrian government recently published the results of its first comprehensive survey of small and medium enterprises in Syria, which found that only 59.2 percent of the 800,000 companies surveyed were operational.
Surplus liquidity in the Syrian banking sector, which consists of six state-owned banks and 14 private banks, increased by 44 percent last year to SYP 2,962 billion, as the country’s banks remained conservative on lending and investment.
Syria’s main stock index rose 24.4% during the first half of 2021, with the value of shares traded during that period almost five times as high as last year.
The Central Bank of Syria said that average interest rates local banks charge on their lending facilities remained unchanged last year, but well below the inflation rate.
The main index of the Syrian stock market rose 3.66 percent last month in thin trade as the exchange launched online trading for the first time.
The governor of the Central Bank of Syria (CBS) has said traders are permitted to conduct transactions in foreign currency, in comments that were interpreted by businessmen and local media as a step towards a dollarization of the economy after the pound fell to record lows earlier this year.
Data published by the Central Bank of Syria (CBS) shows an increase in the banking sector’s main indicators last year, although the growth rate remains lower than inflation.
The Syrian government granted last month the first banking licence in more than a decade to a murky group of investors including some with links to the Katerji family.
Insurance premiums increased by 37 percent in Syria last year as insurers raised prices to keep pace with inflation.
Syrian President Bashar Al-Assad dismissed Central Bank Governor Hazem Qarfoul a day before the Syrian pound was officially devalued for the second time in a year after sinking to record lows on the black market.
The Central Bank of Syria (CBS) has introduced a new exchange rate for importers, merchants, and manufacturers in a bid to narrow the gap between the official and black market rates after the local currency sank to record lows against the US dollar.
Syria’s anti-money laundering and terrorism financing commission conducted dozens of missions targeting the black market in foreign exchange last year as the government sought to stem the local currency’s slide, according to its recently released annual report.