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Press Release on Limiting Transactions with Licensed Exchange Institutions in the Syrian Arab Republic
Based on the Central Bank of Syria's authority to supervise exchange institutions granted under the provisions of the law, and after considering the negative effects and high risks associated with the phenomenon of practicing the exchange profession without a license (including receiving and executing external remittances) and without going through the proper channels to practice the aforementioned profession, particularly regarding the disregard for security factors and effective oversight, and the resulting loss of the rights of clients in light of the proliferation of counterfeit currencies, as well as the shortage of delivered banknotes resulting from the execution of those operations, and within the framework of the necessity for the Central Bank of Syria to fulfill its role in ensuring the necessary protection for citizens' rights and enabling them to receive their remittances, especially external ones, and to execute exchange operations through licensed financial institutions subject to oversight according to the regulations.
Governor of the Central Bank of Syria, Dr. "Abdul Qadir Al-Hosri" regarding the issuance of the decision of the Central Bank of Syria’s Management Committee No. (589/L.E):
In line with the commitment of the Central Bank of Syria to institutional transparency and the establishment of good governance principles, a clear and official policy regarding the acceptance of gifts within the bank has been adopted.
This policy aims to enhance professional values and integrity in work, and to establish a culture of responsibility and mutual trust between the bank, its clients, and the Syrian community in general.
We affirm that this policy applies to all bank employees without exception, and it is an essential part of our approach to protecting public funds and ensuring fairness and equality in service delivery.
We invite all esteemed citizens dealing with the bank to review this policy, which has been published on the official website and social media platforms, and to fully adhere to it. We also require our employees to fully comply with it, as it plays a pivotal role in enhancing trust and credibility, and encouraging other state institutions to adopt a similar approach in integrity and governance.
Governor of the Central Bank of Syria Dr. "Abdul Qader Al-Hosri:"
Exempting real estate buyers from the obligation to deposit 50 percent of the property price in a bank account is a step aimed at facilitating procedures, provided that it is handled with awareness and caution.
As a result of the exemption: The buyer under the fulfilled conditions can refrain from depositing half the value of the property in the bank account as was previously required; however, waiving the bank deposit may expose the parties to potential risks unless the transaction is documented in a clear and secure manner.
Statement by the Governor of the Central Bank of Syria, Dr. Abdul Qader Hasriyyah, to SANA regarding facilitating banking procedures for businessmen in Syria and Saudi Arabia.
The Governor of the Central Bank of Syria, Dr. Abdul Qader Al-Hosari, confirmed his determination to establish an integrated system for real estate financing, which formed the basis for issuing Law 39 of 2009. The aim is to regulate this sector through a regulatory authority, a guarantee fund, and private financing institutions.
He also explained that the model is based on successful global experiences such as those in Denmark and Canada, to ensure effective financing that contributes to improving housing conditions, especially given the need to rebuild destroyed homes through facilitated loans with international support.
The governor stressed the Central Bank's support for the initiative to activate the Real Estate Financing Supervisory Authority, emphasizing that housing is a fundamental right that must be achieved for every Syrian family and youth.
Statements by the Governor of the Central Bank of Syria, Dr. Abdul Qadir al-Hosari, to CNBC Arabia:
🔸 By order of His Excellency President al-Shar'a, Syria will not resort to external debt, and there will be no reliance on borrowing from the International Monetary Fund or the World Bank.
🔸 We will not link the exchange rate of the Syrian pound to the dollar or the euro.
🔸 A new institution will be established to guarantee deposits in Syrian banks.
🔸 The distortions in the exchange rate of the Syrian pound are expected to end within months, reaching a unified rate.
🔸 We will provide mortgage loans targeted at Syrians abroad.
🔸 The exchange rate of the Syrian currency has improved by 30%.