Syrian banking sector poised for billion-dollar boost

It is expected that foreign investment in the Syrian banking sector will exceed one billion dollars in the near future. Syria is working to expand its banking investment base and attract new capital, while also developing channels for external remittances and strengthening the links between Syrian banks and international financial systems. Measures include opening new banks under conditions that consider experience and financial solvency, allowing foreign investors to own up to 60% of the capital in foreign currencies, and facilitating financial transfer operations. Additionally, the government is focusing on expanding the presence of foreign banking institutions, especially from Jordan and Arab countries, to support economic development. Efforts are also underway to implement measures for converting international remittances strictly in foreign currency and to improve financial connectivity with SWIFT and FATF systems, relying on Arab currencies pegged to the dollar to facilitate trade. Officials believe that increasing capital flows will boost purchasing power, enhance gross domestic product, and contribute to price stability, provided that investment attraction continues and a stable, flexible banking environment is maintained.

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