Syria expects over $1 billion in foreign investment for new banks

The Central Bank of Syria expects foreign capital inflows exceeding $1 billion to establish new banks in the near future. Central Bank Governor Mohammad Safwat Raslan stated that these inflows are part of an effort to encourage investment, protect customer rights, and create secure transfer channels through official channels.

To obtain licenses, foreign investors must demonstrate experience, reputation, and financial solvency. Additionally, a strategic banking partner must hold at least 10% of the new bank's capital. The Central Bank aims to issue preliminary licenses within three to four months once all requirements are met. The long-term strategy aims to increase the number of operating banks in the country to between 30 and 35 by 2030.

Regarding capital movement, legislation allows foreign investors to retain 60% of their paid-up capital in foreign currency, with the right to transfer profits abroad. Furthermore, the Central Bank intends to request that international transfer service providers deliver remittances to beneficiaries exclusively in foreign currencies to meet consumer preference. For trade settlements, there is a current trend toward using the Jordanian Dinar and other Arab currencies pegged to the dollar for imports and exports.