Billion-Dollar Capital Forecast
The governor of Syria's central bank said more than $1 billion (USD) in foreign capital is expected to enter the country to establish new banks in the coming period. He framed the projection as part of a broader set of monetary objectives aimed at encouraging investment, protecting customers, and opening secure transfer corridors through official channels.
Licensing Rules for New Banks
Applications to found Islamic and conventional banks will be judged on the experience and reputation of the founders and their financial solvency, according to executive rules already in place. Each new bank must include a strategic banking partner holding no less than 10 percent of its capital.
The central bank aims to keep the initial licensing period to no more than three to four months from the moment an applicant submits all required documents and meets the stated conditions.
Currency Controls Eased
Foreign investors may retain 60 percent of paid-up capital in the US dollar (USD) under the current law, and the repatriation of profits is guaranteed. Restrictions on buying, selling, and transferring foreign currency have been removed, the governor said, describing the regulatory framework as aligned with international risk and accounting standards.
Reconnecting Transfer Channels
A money-transfer service between Jordanian and Syrian banks resumed after a brief suspension tied to settlement issues, which was resolved with a partner bank. Several Jordanian banks have filed requests to invest in Syria, and lenders already operating there are seeking to expand.
The central bank plans to require institutions offering international transfers to deliver remittances to beneficiaries in foreign currency, and to let more transfer providers enter the market through licensed Syrian institutions.
Exiting the Grey List
The governor said the top priority is removing Syria from the international financial watchdog's grey list, which requires banks and non-bank institutions to adopt modern electronic monitoring tools, policies, and procedures. He said most Syrian banks have begun closing that gap.
For cross-border trade settlement, authorities favor the Jordanian dinar and other Arab currencies pegged to the dollar, while using the Syrian pound (SYP) for such settlements is, he said, "a bit early." Easier, intermediary-free transfers, he added, would draw more money into the country, lifting purchasing power, spending, and output while supporting price stability.