The Syrian central bank in Damascus, Dec. 16, 2024. (Credit: Louai Beshara/AFP)
About a week ago, the Syrian central bank announced that all the country’s banks must set aside full provisions for covering the losses incurred during the financial collapse in Lebanon, where they’d placed their funds during the Syrian civil war.“It is a surprising decision that the banking sector did not expect,” said Nassib Ghobril, head of the economic research department at Byblos Bank. Syrian banks were also ordered to submit credible restructuring plans within six months.This measure is part of a broader effort to restructure the banking sector as a whole. The sector was weakened by the 14-year civil war and the Western sanctions against the Assad regime. Following Assad’s ouster, the country is launching reconstruction and economic recovery projects, of which the banking sector is a key part.Seven of Syria’s 14 commercial banks...
About a week ago, the Syrian central bank announced that all the country’s banks must set aside full provisions for covering the losses incurred during the financial collapse in Lebanon, where they’d placed their funds during the Syrian civil war.“It is a surprising decision that the banking sector did not expect,” said Nassib Ghobril, head of the economic research department at Byblos Bank. Syrian banks were also ordered to submit credible restructuring plans within six months.This measure is part of a broader effort to restructure the banking sector as a whole. The sector was weakened by the 14-year civil war and the Western sanctions against the Assad regime. Following Assad’s ouster, the country is launching reconstruction and economic recovery projects, of which the banking sector is a key part.Seven of Syria’s 14...
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