Prime Minister Imad Khamis said that there were economic and banking measures that would be issued before the end of the year, regarding banking, financial and investment policy and concerning loans, interest rates and other issues which will contribute to an economic revival.
This came during a meeting he held with people responsible for the banking sector, both ministers and directors of private and public banks. He said that the meeting was to evaluate the loan policy recently pursued by public and private banks, in terms of priorities, guarantees, interest rates and the legal regulatory environment, as well as the importance of employing the finances with the banks to make loans to medium and small-sized projects to support production.
He discussed elements of the legislation governing private sector rights, saying that despite all the pressures no one had lost any of their rights.
He said that there was no state in the world that protected the property of individuals, institutions, the economy and businessmen like the Syrian government. The state has supported institutions for more than 40 years, and the development of the private sector has been with government support for private institutions—and not just through standard commercial activity. He said that, “As a government we will not accept anything other than the public banks serving as a model for the private banks, including the interest rates, and instructions have been given for the need for the private banks to be evaluated to determine if they have achieved their role, the desired benefits including the interest of the citizen.” He added: “We will not be silent about deficiencies in any of these banks.”
Justice Minister Hashim al-Shaar pointed out that one of the reasons for the depreciation of the currency is funds being smuggled abroad, adding, “There are measures that need to be taken, given the many complaints we receive concerning the status of the dollar and the method of depositing. Many complain that when one deposits dollars, and asks to withdraw in dollars, they aren’t answered, which plays a negative role on deposits.
Finance Minister Mamoun Hamdan said: “Today we are discussing the difficulties that face the work of public and private banks, and government support for these banks to overcome these difficulties, and to continue to provide services to citizens, and the role of these banks in financing the production sector and developing investments in industrial sectors.”
He said that, “Our goal is investment and then production, and that the standards applied in the Syrian banks, whether in terms of accounting or auditing, are global standards.”
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.