New financial measures in Syria

Published May 8th, 2011 - 06:48 GMT
Syrians are being encouraged by Central Bank to keep their savings in foreign currency inside Syria
Syrians are being encouraged by Central Bank to keep their savings in foreign currency inside Syria

The Central Bank of Syria has decided to raise the rate of credit interest, paid by the banks for deposits, by two percentage points from 7 per cent to 9 per cent. In addition, it allowed banks operating in the domestic market to deal with foreign currencies; banks are now able to sell to Syrian clients foreign currencies, such as Euro and Dollar. However, this sale is limited to 120 thousand dollars per client.

These steps come in order to support the liquidity of the banking sector, encourage savings and increase the confidence of citizens in the Syrian pound. The Central Bank also wants to ensure the value of the clients’ savings and create a solid base of deposits, which helps in the process of financing for development and investment. The decisions also determine the rates of credit interest paid by banks on deposits in Dollar and Euro, between 2 and 3 percent.

Recently, the Bank announced in an official statement that the decision was made to encourage citizens who wish to keep their savings in foreign currency in the Syrian banking sector, instead of turning it abroad. Source: www.yallafinance.com.

 


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