Central Bank of Syria (473)


The Commercial Bank of Syria, the country’s largest bank, has slightly decreased the interest rates it pays on USD time deposit accounts.


Syrian authorities have announced new penalties for dealing in foreign currencies and closed more than a dozen foreign exchange companies, but also offered a more attractive rate to buy dollars. However, these moves have little chance of stopping the freefall of the Syrian pound.


The credit and monetary council of the Central Bank of Syria has announced that it will issue new certificates of deposits denominated in Syrian pounds this year.


The Caesar sanctions bill that was signed into law late last year by the U.S. President will have significant medium and long-term consequences on the Syrian economy, but its shorter-term impact will be less meaningful.


The value of the dollar in the Syrian foreign exchange market crossed the highly symbolic level of 1,000 pounds this week and is unlikely to retreat any time soon.


Syria has awarded a Russian company a new offshore oil exploration contract as part of a set of new investment and trade agreements between the two countries.


The Syrian government has further reduced the list of imported goods it will finance at a favourable exchange rate, risking an increase in the price of some key commodities.


The Central Bank of Syria has introduced a new exchange rate for international organisations operating in Syria, allowing them to change dollars into pounds at a rate well above the official price.


There was panic in the Syrian foreign exchange market this week as the dollar climbed to nearly 1,000 pounds before retreating slightly.


The Ministry of Economy and the Central Bank of Syria have tightened the conditions to obtain an import licence as they seek to reduce the sale of foreign currencies.


The Syrian government has significantly increased the salaries of civil servants, a move that will provide welcome short-term relief, but will also accelerate inflation and the depreciation of the currency.


The economic situation in Syria is growing increasingly chaotic as the Syrian pound continues its freefall and prices rise.


The dollar has crossed the 700-pound level in the Syrian foreign exchange market for the first time on record.


Syria’s wheat purchasing body has cancelled a wheat import tender as the government cited difficulties paying importers.


The US dollar has gained almost 5 percent in the space of a month in the Syrian foreign exchange market, a confirmation that the latest plan by the authorities to prop up their currency has failed.


Only a few days after ordering a freeze on the bank accounts of several prominent investors, the Central Bank of Syria reversed its decision, increasing uncertainty and making it very hard to understand its strategy.


The Central Bank of Syria has ordered a freeze on the bank accounts of Tarif Al-Akhras, one of the country’s most powerful businessmen and a relative of Asma Al-Assad, as well as on those of several other prominent businessmen, a move that seems to confirm the government’s increasing pressures on the business community.


The Central Bank of Syria has restricted further the list of imported products that it allows banks to finance, reflecting the severe shortage of dollars the country is facing.


An attempt by the government to push local investors to sell their dollars in order to support the Syrian pound has only highlighted the unpreparedness of the Central Bank of Syria, has little chance of success and risks alienating these businessmen.


The Syrian authorities are putting more pressure on Syriatel, the country’s largest private sector company, The Syria Report has learned.


The Central Bank of Syria is trying to push Syrian businessmen to hand over their dollars as part of its drive to curb the depreciation of its currency.


Syria’s gold market remains disrupted by tensions between goldsmiths and the Ministry of Finance, unstable prices and the spread of unmarked gold.


The Central Bank of Syria has issued a circular to local banks asking them to restrict credit facilities they grant to importers, an additional sign of the pressures faced by the economy.


The Syrian pound has fallen to its lowest level on record relative to the U.S. dollar in the local foreign exchange market.


Several security incidents affected Syrian financial companies located in government-held areas, highlighting the continued insecure environment for businesses.


Syria’s commission for combating money laundering and the financing of terrorism has issued its 2018 annual report.


The government is forcing importers to sell part of the products they import to state entities at cost price in bid to limit inflation on consumer goods.


Syria’s inflation rate remained mostly flat up to August last year, according to official data.


The Syrian Financial Intelligence Unit (SFIU), a body affiliated with the Central Bank of Syria, attended for the first time in years the annual plenary meeting of the Egmont Group.


The Federation of Syrian Chambers of Commerce has established a new body called the Central Committee for Exports (CCE) to promote exports only weeks after the Syrian Exporters Federation was dissolved.


The following decision and its implementation instructions regulate investment in Syria's tourism sector.


The first private sector photovoltaic solar power plant has started producing in the Industrial City of Hessia (ICH) and has been connected to the national electricity grid, a government official has said.


The government has announced that it plans to issue treasury bills before the end of the year to fund its budget deficit.


Motor Show, a trade fair dedicated to the automobile sector, was held in the Damascus Fairgrounds between June 13 and 17 for the first time since 2011.


Hazem Qarfoul, the governor of the Central Bank of Syria, has implicitly admitted that defending the value of the Syrian pound in the foreign exchange market was no more a priority.


The dollar has crossed the 600 level in the Syrian foreign currency market as the pound fell to its lowest level in three years.


A plan by the government to force again exporters to hand back their foreign currency revenues to the Central Bank is creating tensions between manufacturers and traders.


Cham Bank, a Syrian institution under sanctions by the U.S., has said that it sponsored one of the most prominent banking events in the Middle East region.


The European Union has renewed for one year its set of sanctions on Syria and delisted several individuals and entities.


Three investment banks captured three quarters of the small Syrian brokerage market for stocks last year.


Updated on October 01, 2019: The Central Bank of Syria issued late April a list of goods it says should be prioritized for imports.


Syria and Iran held on May 1st the sixth edition of a joint business forum as Tehran seeks to capitalize on its support to the regime to gain more benefits for its companies.


The shortages of energy products are increasing economic hardship for Syrians and posing various types of economic and public services challenges.


A very rare public spat has highlighted tensions between Samer Foz and Rami Makhlouf, Syria’s two most powerful business cronies.


The Commercial Bank of Syria has announced a change in the interest rates it pays on foreign currency deposit accounts.


Nour Microfinance, Rami Makhlouf’s latest venture, is set to start its operations.


The following is the OFAC advisory warning actors of the global maritime industry involved with supplying oil to Syria. This text is published following its update of March 25, 2019.


Several Syrian banks have reopened a branch in the southern city of Daraa as they start a slow expansion of their network.


The details of the Syrian budget, which we publish this week, shed some light on the government expenditure structure, but also on some misleading numbers.


The Syrian pound has continued to slide in the foreign exchange market and has lost some 2.6 percent relative to the dollar since the beginning of the month.