Central Bank of Syria Seeks Foreign Capital to Expand Banking Sector
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How it started
What happened
The Central Bank of Syria announced it is actively seeking foreign capital to expand the country's banking sector and restore international financial links. Governor Mohammad Safwat Raslan stated that the country expects foreign capital to establish new banks to exceed $1 billion in the coming period. New Islamic and conventional banks must meet licensing requirements regarding experience, reputation, and financial solvency, including a strategic partner holding at least a 10 percent stake.
From sana.sy
Why it matters
The policy allows foreign investors to retain 60 percent of their paid-in capital in foreign currency, with the law protecting profit transfers and removing foreign currency transaction restrictions. The Central Bank is also moving toward requiring international remittance providers to pay beneficiaries exclusively in foreign currency.
From sana.sy
Who's involved
How it developed
Newest first. Tap a step to see who reported it.- Banks met to explore correspondent networks, involving First Abu Dhabi Bank and Fransabank, in Syria.Sub-event
Central Bank of Syria is actively seeking foreign capital to expand its banking sector.1 source
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The entities involved
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Syria
country in West Asia
Related events
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- Israel pursues hostile actions toward Syria as the World Bank estimates rebuilding costs while the Manama Dialogue is organized.