Syria: Limited economic impact by protests
The Governor of the Central Bank of Syria, Adib Mayaleh, stated that the country’s economy has not been hardly affected by the two-month old popular protests against the government. Mayaleh admitted that there was a certain impact, but the situation is “returning to normal and the impact so far is not very big”.
Deposits at banks declined for 10 days, then recovered after the Central Bank took measures to boost confidence, Mayaleh conveyed. This month the bank raised the rate lenders pay on deposits by 2 percentage points and lowered the reserve requirement to 5 percent from 10 percent.
Deposits at private banks declined about 7 percent in the first quarter of 2011, announced Abdul Qader Dweik, head of the Syrian International Islamic Bank, the country’s largest Islamic lender.
Protests that erupted ten weeks ago in Syria’s southern city of Daraa have spread to most of the country. Syria has accused “armed terrorist gangs backed by foreign powers” of instigating the riots.
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