Riad Salameh, governor of Lebanon central bank (Banque du Liban-BDL) denied that the bank monetary policy was responsible for the recent fall in the value of the Syrian Pound.
The end of the week has seen a drop of around 15 percent in the value of the Syrian pound, falling to as much as SYP58 per USD1 on Thursday 19, before recovering to the SYP54-55 level on Sunday 22.
A delegation from German bank Hypovereinsbank (HVB) is expected to arrive in Damascus to study the possibility of applying for a licence to operate in the country, according to al-Baath, the state-owned daily.
The Commercial Bank of Syria (CBS) has been granted the right to sell foreign currencies in the Syrian domestic market.
Syria has accepted to start negotiations with Bulgaria on the paying off of its debt.
Syrian officials have denied that a license had been granted to a foreign bank to operate in the country.
Syrian residents and non-residents are now allowed to open accounts in foreign currencies at the Commercial Bank of Syria and to feed them with wire transfers, foreign banks cheques and bank notes.
The Syrian state-run insurance company, the Syrian Insurance Company (SIC), posted a net profit of SYP1.882 billion (USD37.6 million) in 2001, Teshreen said.
Deposits at the state-run Commercial Bank of Syria (CBS) rose to SYP475.2 billion (USD9.504 billion) at the end of 2001 from SYP423 billion (USD8.460 billion) at the end of 2000, reported Teshreen.
Syria recently completed the requirements needed to join the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, making it the agency's 156th member.
According to al-Hayat, the private banking sector in Syria has suffered a new setback with licenses not expected before the first quarter of next year.
The Syrian government is projecting to inject around SYP10 billion (USD200 million) in the coming three years into the state-owned banking sector in order to upgrade it reported Teshreen.
The International Finance Corporation (IFC) is providing a USD13.2 million loan to United Joint Stock Company for Petrochemical Industries (UCPI), an alkyl benzene (LAB) manufacturing company that is to be set up by Syria's Ahmed Daaboul and Sons.
According to Syria's minister of economy, a license will be awarded for a private bank to operate in the country next September.
The Commercial Bank of Syria is to set up an operation center to manage the use of the Visa credit cards in Syria, according to Al-Thawra.


Export Finance Seminar
Damascus Chamber of Commerce
International Industries Technology Exhibition
Damascus International Fairground