From now on, the Syrian legislation will allow foreign investors to acquire up to 60% of Syrian banks against only 49% previously. The new banking law will aim at attracting new foreign operatos in the Syrian banking sector. Indeed, according to Hurriyet Daily News, it allows ‘[...] the maximum capital stake for foreign investors [to be] raised to 60 percent from the current 49 percent’ and also ‘[...] private banks to raise their capital to $200 million, from a previous cap of $30 million, while the limit for private Islamic banks is being tripled to $300 million’. It is worth mentioning that the ‘[...] central bank has eased restrictions on foreign monetary transactions for Syrian citizens who can now transfer up to US$10,000 in foreign currency each month’.

After years of political tensions with the international community, Damascus is now willing to reform its business climate with a view to gradually facing the globalisation. Syria is also eager to enhance its political and economic ties with western countries such as France or the United States. According to the authorities, foreign investors are expected to ‘inject some $2.2 billion into the private banking sector’ and ‘to back up economic reforms in Syria as well as the development process [...]’.

Source: Hurriyet Daily News