Syria Hopes Private Banks Will Help Shoulder Economic Burden
The Syrian government believes that private banking will “help carry the burden of the national economy” and reduce its dependence on the state, Prime Minister Mohammed Moustapha Miro told a conference on Monday, according to The Daily Star.
“Modern private banking, with all its networks, channels, and objectives, is the monetary vein that will not cease,” Miro said. If it is closed off, he said, “then the economic and financial body of the state will waver, or collapse altogether.”
According to the Lebanese paper, the conference, which was titled “Banking Tomorrow,” sought to shed light on the future prospects for Arab banking, with an emphasis on efforts to introduce private banking in Syria.
“Syria today is witnessing a reconstruction of its economic, administrative and financial structures,” Miro added.
He said Syria was gearing up for six economic steps in a bid to improve the sector: improving existing banks, creating new private banks, setting up a stock exchange, issuing a banking secrecy law, amending the foreign trade law and preparing banking sector staff for these changes – Albawaba.com