CBS: Allowing Deposit of Foreign Currency at Border Crossing Gives Confidence for Investors and Expats

A new decision by the Central Bank of Syria is set to make it easier for foreigners to deposit funds into Syrian banks and secure foreign and local currencies at border crossing points reports SANA.

The Central Bank of Syria (CBS) issued a statement clarifying decision no. 13, which allows individuals entering Syria, via border crossings, to use banking services and deposit funds immediately upon entering the country.

The CBS said that decision allows those who enter Syria to make temporary deposits at banks that are licensed to deal in foreign currency and which have been established at border crossings using simplified procedures. They can then transfer these funds to a bank account of their choice, whether that account is in the same bank as the office at the border or another one.

The CBS said this decision should facilitate the banking and financial transactions of investors and expatriates, particularly since the coming stage requires the easy movement of capital, adding that this should also give investors and expatriates confidence in their ability to bring money into the country without any restrictions, given the difficulties expatriates face in transferring funds from abroad due to the unfair sanctions imposed on Syria. 

The CBS explained that those who enter Syria can exchange foreign currency for Syrian pounds when they arrive at the borders, in addition to being able to purchase foreign currency from them, thereby negating the risks involved in transferring money by other means.

The CBS noted that the decision allows them to bring in larger sums of foreign currency than the limit set in 2012, in addition to permitting those who bring in funds to take it back upon leaving in the same way, taking into account the relevant regulations for combating money-laundering and terrorism-funding.

 

This article was edited by The Syrian Observer. Responsibility for the information and views set out in this article lies entirely with the author.

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