Resolutions and procedures taken by the Central Bank of Syria to achieve the full liberalization of the current account

  • Complete liberalization of processes of financing imports of private and joint sectors in foreign currency .
  • Residents and non-residents are allowed to open currencies in foreign currencies at one of the licensed banks .
  • Gradual and controlled liberalization of capital account for enabling investors of having credits in foreign currencies to support foreign investments .
  • Exchange companies are allowed to sell foreign currencies for importers from their accounts opened at private  banks strictly or by issuing foreign transfers or remittances .
  • Resolution Nr.67 regarding executive instructions of the resolution Nr.1131 of 2012 related to liberalization of exchange prices.
  • Resolutions of the prime ministry Nr.5938 of the year 2011 which stipulates decree of the obligatory reserve percentage from 10% to 5% to guarantee the stability of financial sector to enable it to face potential drawings , with the ability to decreasing rate of a part of banks deposits oriented to finance investment , tourism , green projects and SMEs and micro projects .
  • Resolution of the prime ministry Nr.5937 of 2011 related to raising indebted interest prices , paid by banks on deposits for terms at two percents from [5-7%] +- 2% to [7-9%] +- 1% . And decrease of movement margin at one percent keeping a difference of 2% between the less rate on less term and highest rate on longest term .
  • Resolution of the prime ministry Nr.5936 of 2011 , to allow licensed banks to deal with foreign currency to sell natural Syrian persons and for one time (USD or EURO) amounts up to 120 thousand USD , on the condition of depositing foreign currency at the same bank in the account of deposits of different terms .
  • Resolution Nr.14184 of 2011 , which allows licensed banks to finance imports of private and joint sectors for materials of customs duties 1% included .
  • Resolution Nr.6187 of 2011 , which stipulate cancellation of all resolutions and instructions which contradicts prime ministry’s resolution Nr.593 of 2011.
  • Prime Ministry’s resolution Nr.85 of 2010 which allows licensed banks to sell foreign currency required for investment projects licensed as per provisions of law Nr.10 of 1991 and its amendment and which have no amounts of foreign currency, in order to transfer profits of invested capital by Syrians , Arabs and foreigners , all as per the foreign currency publication issued by the Central Bank of Syria .
  • Complete liberalization of imports financing processes by allowing banks to finance imports of private and joint sectors in foreign currencies  as per prime ministry’s resolution/5204/ of 2006.