The most important laws and legislations on the level of financial and monetary policy

  • Legislative decree Nr.21 of 2011 regarding amendment of the basic law of currency Nr.23 of 2002 which allowed the central Bank of Syria as an independent entity in implementing monetary policies and to achieve its objectives to do the following :
  1. To work in financial markets by purchase and prompt sale or for long terms , crediting , borrowing or by agreements of re-purchase .
  2. Issuance of government financial securities as an agent of the ministry of finance .
  3. Issuance and circulation of deposit certificate , and Islamic and traditional derivatives and payment of suitable revenues against that .
  4. Providing crediting  facilities throughout re-deduction and agreements of re-purchase , signed with banks and financial entities which accept deposit and are controlled by the crediting and currency council as per provisions of laws and regulations in force.
  5. Facilitation of deposit in banks and financial entities which accept deposits and are controlled by the crediting and currency council as per laws and regulations in force and paying suitable revenues against that .
  • Legislative decree Nr.27 of 2011 related to combating money laundering and terrorism financing .
  • Executive instructions of decree /33/ of 2005 , which is amended as per legislative decree Nr.27 of 2011 related to combating money laundering and terrorism financing .
  • Law Nr. /3/ of 2010 related to  raising the minimum of the capital of traditional private banks up to ( 10 million Syrian Pounds for Islamic banks) In addition to increasing the maximum limit of the percentage of ownership by Arabs and foreigners from 49% up to 60% of the capital banks , and it could be raised up to 75% on the condition that this increase should be in favor of the financial and banking sector .
  • Legislative Decree Nr 56 of 2010 related to establishing investment banks to encourage financing private investment activities  and also  the economic public sector and providing consultancies services .
  • Legislative decree Nr. 88 of 2010 related to establishing shareholding companies for funding by renting .