Syrian Central Bank anticipates over $1B inflow for new banks

The Central Bank of Syria expects that foreign capital inflows allocated for establishing new banks in the country will exceed one billion dollars in the coming period, with the aim of strengthening the banking sector and facilitating financial transfers. It clarified that the bank has set standards for bank licensing, including the experience, reputation, and financial solidity of applicants, in addition to a requirement for a strategic banking partner holding at least 10% of the capital. The bank also plans to issue licenses within 3 to 4 months after all requirements are met, allowing foreign investors to retain up to 60% of the capital in foreign currencies and removing restrictions on buying and selling foreign currencies. It was announced that the money transfer service “Money Gram” between Jordanian and Syrian banks was temporarily halted, and the bank intends to request that international transfers be exclusively paid in foreign currencies to protect customer rights and promote secure transfer channels. Additionally, the bank is focusing on developing electronic oversight systems, exiting the gray list, and encouraging trade settlement using the Jordanian dinar and currencies linked to the dollar, all aimed at supporting economic activity and price stability in Syria.

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