Syria to receive over a billion dollars for new banks
The Central Bank of Syria expects the volume of foreign capital allocated for establishing new banks in Syria to exceed one billion dollars. There are no financial risks, as the law allows foreign investors to retain up to 60% of their capital in foreign currencies. Additionally, the issuance of licenses is expected to be accelerated, taking only 3 to 4 months after submitting the required documents. He also indicated developments in licensing criteria, including the applicants' experience and financial solvency, along with efforts to remove Syria from the international gray list of financial systems. This will be achieved through improved supervisory procedures and the adoption of modern technology, in conjunction with international support amounting to $100 million aimed at developing the financial sector.
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