Over $1 billion for new Syrian banks
The Central Bank of Syria announced that the expected foreign capital for establishing new banks in Syria will exceed one billion dollars in the upcoming period. This aims to boost investments and improve official channels for financial transfers. It was noted that issuing a license to establish banks usually takes between 3 to 4 months from the completion of all required documents, provided all conditions are met. Additionally, the law permits foreign investors to retain up to 60% of the paid-in capital in foreign currencies, with protections for profit fields and the ability to transfer profits without restrictions on buying or selling foreign currencies. The Central Bank endeavors to enhance money transfers by creating official and secure channels, with the support of Syrian financial institutions. This effort follows a temporary suspension of the "MoneyGram" service with Jordan and includes improving oversight systems and banking technologies to move out of the international gray list. Currently, trade settlements rely on the Jordanian dinar and Arab currencies pegged to the dollar, with efforts to reduce dependence on intermediaries and stimulate foreign direct investments. These measures aim to enhance purchasing power and reduce inflation.
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