A total of 102 applications to set up private banks in Syria have been filed with the economy ministry, the government daily Tishrin reported Sunday October 14. It said no decision has yet been taken on the applications, pending finalization of a legal framework for private banking and amendments of Syrian law on foreign currency transfers.
The Syrian parliament passed a law earlier this year allowing the introduction of private banks, in a bid to modernize the banking sector and boost investment for the private sector.
The sector was nationalized in 1963 after the Baath party came to power. — (AFP,Damascus)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
