Central Bank of Syria (502)

14-04-2021

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.

14-04-2021

The UAE has donated vaccines to Syria as the country grapples with a third wave of the pandemic.

12-04-2021

This 2,200-word factsheet provides a profile of the Commercial Bank of Syria, the country's largest lender, whose history goes back to the Ottoman Empire and which is now under western sanctions.

07-04-2021

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.

07-04-2021

Updated April 07/2021:The combined credit portfolios of all microfinance lenders in Syria reached SYP 28.6 billion last year, while deposits reached SYP 16.9 billion, according to statistics released by the Central Bank of Syria (CBS) for the first time, highlighting the government’s growing interest in this sector.

31-03-2021

The four representatives of the Lebanese Byblos Bank SAL (BYB) resigned from the board of its Syrian subsidiary this week, potentially paving the way for it to quit the country.

24-03-2021

A Kuwaiti securities firm is set to acquire a 22 percent stake in Syria’s sanctioned Cham Bank in a rare case of fresh foreign investment in the country’s banking sector.

24-03-2021

The Central Bank of Syria (CBS) has introduced a new, preferential exchange rate for international agencies at twice the official rate as the Syrian pound trades near record lows against the dollar on the black market.

17-03-2021

The Syrian pound has fallen to another historical low after crossing the SYP 4,000 threshold against the dollar on the black market despite a renewed crackdown by the government on foreign exchange dealers and speculators.

03-03-2021

The annual percentage change in the consumer price index in Syria since 2010.

03-03-2021

The Syrian government has walked back from a decision that sought to limit inflation on consumer goods, relieving importers of most commodities from the obligation to sell a fixed share of their imports to state-owned entities at cost price.

24-02-2021

The United States Office of Foreign Assets Control (OFAC) said it has settled with U.S.-based cryptocurrency company BitPay over a violation of its sanctions on Syria and other countries.

24-02-2021

Syria has issued a new law to regulate the establishment of microfinance banks, a sector which looks set to thrive in the near future given the increasingly large pool of low-income Syrians.

17-02-2021

A high-ranking Syrian military official recently said that the government could seize the properties of men who have failed to perform their mandatory military service, while also threatening to seize their family members’ assets. These statements have raised controversy over how to interpret a key amendment to Syria’s military service law.

03-02-2021

Banque Bemo Saudi Fransi SA, Syria’s largest private conventional bank, has been granted a licence to launch a microfinance project with a prominent forex trader believed to be affiliated with influential Lebanese and Syrian business figures.

27-01-2021

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.

27-01-2021

Three prominent Syrian businessmen—each reportedly with Russian citizenship—have been linked in recent Arabic and international media reports to the company that purchased the ammonium nitrate that exploded in Beirut in August.

27-01-2021

The Syrian businessman George Heswani has operated in Syria’s oil and gas sector since the 1990s, but his name has gained increasing prominence throughout Syria’s conflict, both for his close association with Russia and for his alleged role in brokering deals with the Islamic State organisation (ISIS) to purchase oil on the Syrian government’s behalf.

20-01-2021

The list below includes the names of all the individuals that have been blacklisted by the European Union since the beginning of the Syrian uprising in March 2011.

20-01-2021

Syria’s wheat imports dropped significantly last year, falling by 44 percent, according to the Ministry of Domestic Trade and Consumer Protection’s annual report.

06-01-2021

The list below includes all the Syrian individuals, entities, aircrafts and vessels that have been put under sanctions by the U.S. Administration since 2005.

06-01-2021

The United States blacklisted the Central Bank of Syria at the end of last year, adding pressure on the Syrian government as it tries to maintain its fractured economy.

06-01-2021

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.

09-12-2020

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.

25-11-2020

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.

25-11-2020

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.

18-11-2020

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.

11-11-2020

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.

11-11-2020

The Syrian government has fallen short in its expenditure on investments in 2020 so far and intends to generate increased revenues through taxes, according to recent ministry statements reported in local media.

11-11-2020
The table below lists the companies that were licensed on July 27, 2020 by the Central Bank of Syria to offer electronic payments services.

04-11-2020

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.

14-10-2020

A delegation of high-ranking Syrian officials visited Moscow last week to meet with Russian diplomatic and technical officials and push forward a wide-ranging economic agreement which is due to be settled in December.

07-10-2020

The United States has added more names to its sanctions list and specifically targeted prominent warlord-turned businessman Khodr Ali Taher.

07-10-2020

The Central Bank of Syria has provided data on the performance of the banking sector as a whole, including that of state-owned banks.

30-09-2020

The Syrian government has issued a decision forcing all importers of a large list of goods to resell five percent of their imports at cost to an entity affiliated with the Ministry of Defence.

30-09-2020

The Central Bank of Syria has repaid certificates of deposits maturing on September 23.

16-09-2020

The Central Bank of Syria allowed local banks to resume lending facilities to their clients on September 08 after a suspension of three months.

09-09-2020

UPDATED on September 09, 2020: A Kuwaiti-listed company is divesting from a leading Syrian bank, reportedly to the benefit of the rising Ibrahim family.

26-08-2020

The Central Bank of Syria has raised SYP 150 billion by issuing treasury bonds through an auction held on August 10. However, the number of banks that subscribed to the issue was the lowest since the country started issuing treasury securities.

29-07-2020

UPDATED on July 30, 2020: Following the closure of Rami Makhlouf’s microfinance bank, Asma Al-Assad is expanding the size and geographic presence of her financial institution.

29-07-2020

The Central Bank of Syria has announced that it plans to issue new treasury bonds, confirming that government securities have become a primary tool for raising cash.

15-07-2020

Starting August 01, Syrians wishing to return home will have to sell USD 100 at the official exchange rate at the country’s border crossings before they can enter their country.

01-07-2020

The Syrian government has continued its campaign against Rami Makhlouf, effectively ending the operations of two more of his best-known business ventures, including his oldest and most recent ones, within a couple of days.

24-06-2020

The Central Bank of Syria has raised SYP 74.3 billion from its latest certificates of deposit issue, while some banks are restricting access to cash.

24-06-2020

The Syrian government has once again devalued its currency and reduced the number of imported items it will finance, risking an acceleration of inflation, particularly for food products.

17-06-2020

The Caesar Act has hardly been implemented before starting to make its impact felt in Syria: the withdrawal of a Lebanese company from the market has suspended the ATM networks of most private banks operating in the country.

10-06-2020

Competition for the purchase of the wheat crop is growing in Syria, with the rapid depreciation of the national currency forcing all actors to revise their prices and budgets.

10-06-2020

The Central Bank of Syria is issuing new certificates of deposit to raise cash on behalf of the government.

10-06-2020

Updated on June 17, 2020: The number of people who tested positive with the Coronavirus in Syria climbed by 23 last week to 146, up from 123 a week ago, while the number of recoveries increased to 62 from 50 and the number of deaths remained unchanged at six.