Central Bank of Syria
Central Bank of Syria on the Sabaa Bahrat Square in Damascus | |
Headquarters | Damascus, Syria |
---|---|
Established | 28 March 1953 (legal) 1 August 1956 (began operations) |
Ownership | 100% state ownership[1] |
Governor | Mohammed Issam Hazima |
Central bank of | Syria |
Currency | Syrian pound SYP (ISO 4217) |
Bank rate | 0% |
Interest on reserves | 6.00% |
Preceded by | Banque de Syrie et du Liban (until 1953) |
Website | https://www.cb.gov.sy/ |
The Central Bank of Syria (CBS;
The CBS issues Syria's currency, the Syrian pound (LS), and sets the intervention price in the foreign currency market for the Syrian pound on a daily basis. The CBS exercises control over all banks operating in Syria.
History
At independence, French- and British-owned banks dominated banking activity in Syria. The largest bank, the French-owned Banque de Syrie et du Liban (Bank of Syria and Lebanon), assumed central bank functions and became the bank of currency issue, in addition to its commercial operations. Syria joined the International Monetary Fund (IMF) on April 10, 1947[4] and fixed the exchange rate at £S 2.19 to US$1.[5]
The law to establish the Central Bank of Syria was passed in 1953, but the bank did not operate until 1956. Its functions included issuing notes, controlling the money supply, acting as fiscal agent for the government, and controlling credit and commercial banks.[6] It was also to act as the country's development bank until specialized banks were established for various sectors. The Central Bank had considerable discretionary powers over the banking system but was itself responsible to and under the control of the Council on Money and Credit, a policy group of high-ranking officials.
After the 1956
In 1966, the state nationalised all commercial banking, merging all existing commercial banks into a single consolidated Commercial Bank of Syria. The government also created specialized banks to promote economic development.[6]
International sanctions
The United States has imposed sanctions against the Central Bank of Syria since May 2004,[7] under Section 311 of the USA PATRIOT Act, with the Bank being accused of money laundering. The sanctions shut Syria out of the global financial system. To circumvent the sanctions, Syrians effect foreign transactions through banks in neighbouring countries, especially Lebanon,[8] but making them vulnerable to economic disruptions in those countries.
Because of the government's actions in the
On 23 December 2020, the
Gold reserves
In April 2012,
Attacks on bank
Since the start of the Syrian Civil War, the Central Bank building was attacked three times: in April 2012 a rocket-propelled grenade was fired at the building; in April 2013 it was affected by a car bombing nearby; and in October 2013 it was hit by mortar shells.[18]
Governors
- Izzat Traboulsi (1956–1961)
- Hosni Al Sawaf (1961–1963)
- Nourallah Nourallah (1963–1963)
- Adnan Al Farra (1963–1970)
- Nasouh Al Dakkak (1971–1978)
- Rifaat Al Akkad (1978–1984)
- Hisham Mutawalli (1984–1987)
- Mohammad Al Sharif (1987–1995)
- Mohammad Bashar Kabbarah (1995–2004)
- Adib Mayaleh (2005–2016)
- Duraid Durgam (2016–2018)
- Hazem Karfoul (2018–2021)
- Mohammed Issam Hazima (2021–present)
See also
References
- ^ Jan Weidner (2017). "The Organisation and Structure of central Banks". Technische Universität Darmstadt. p. 265.
- ^ "CBS's Branches in Syria". Archived from the original on 4 October 2006. Retrieved 11 October 2013.
- ^ "Central Bank of Syria official website". Archived from the original on 25 September 2013. Retrieved 11 October 2013.
- ^ "List of Members' Date of Entry". www.imf.org. Retrieved 2021-07-26.
- ^ "Third International Report - Exchange Restrictions". IMF.org. 1952.
- ^ a b c Banking and Monetary Policy
- ^ a b Cutler, David (2011-11-28). "Factbox: Sanctions imposed on Syria". Reuters. Archived from the original on 2015-09-24. Retrieved 2017-06-30.
- ^ "Lebanon crisis wreaks havoc on Syria's war-torn economy". Reuters. 29 November 2019.
- National Archives.
- ^ "Turkey Slaps Economic Sanctions on Syria". Fox News. 2011-11-30.
- ^ "Canadian Sanctions | Foundation for Defense of Democracies". Defenddemocracy.org. Archived from the original on 2018-08-06. Retrieved 2013-02-04.
- ^ "Syria's Russian Connection". Wall Street Journal. 2012-08-14. Retrieved 2012-08-25.
- ^ "Syria backs down over import ban". Financial Times. 2011-11-04. Retrieved 2012-08-25.
- ^ "US sanctions Syria's Central Bank, 9 other entities, 7 individuals". Business Standard India. 23 December 2020.
- ^ "Syria selling gold reserves as sanctions bite: sources". Reuters. 2012-04-18. Archived from the original on 2012-07-27. Retrieved 2012-08-25.
- ^ "Skepticism overshadows Syria's gold reserves". Xinhua. 2012-04-20. Archived from the original on April 29, 2012. Retrieved 2012-08-25.
- ^ "Syria reverts to socialist economic policies to ease tension". Reuters. 2012-07-04. Archived from the original on 2012-10-20. Retrieved 2012-10-27.
- ^ "Mortars hit Syria central bank in Damascus". NOW. AFP. 9 October 2013. Archived from the original on 12 October 2013. Retrieved 11 October 2013.
External links
- Official website (in Arabic and English)