Syria introduces financial reforms

26 Jul 2010

(MENAFN) The Syrian government said that it will allow investments banks to do business in the country, as the government extends its liberalization of the financial sector, Reuters reported.

The official news agency said the government had set $429 million as the minimum capital at which investment banks could open and would allow the transfer of profits from operations abroad for foreign shareholders and Syrian expatriates.

Privately owned commercial banks opened in Syria seven years ago. It marked a big shift in the economy, which was heavily nationalized after the ruling Baath Party took power in 1963, and banned any opposition and imposed emergency law still in force.

More than 13 private sector banks now operate in the country, alongside six government banks.

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