Central Bank Governor Threatens Businessmen

The governor of the Central Bank in Syria warned businessmen against breaking the law and its instructions, according to al-Watan.
Central Bank Governor Threatens Businessmen

The tone of Mohammad Issam, the governor of the Central Bank of Syria, was stern during his meeting with commercial and industrial figures, including the president of the Chambers of Commerce and Industry of Damascus. The meeting took place in the Damascus Chamber of Commerce yesterday. Issam urged the attendees to exhibit cooperation, discipline, and participation on the one hand, while not tolerating any violation of the decisions issued and holding wrongdoers accountable on the other.

Issam pointed out that industry, agriculture, and trade all operate in partnership with the Central Bank. He indicated that some of the Central Bank’s decisions are discussed by an economic committee. Moreover, each of these decisions involves participants, such as representatives of Chambers of Commerce and Industry and experts. He explained that the correction of some decisions was the product of accepting opinions and that the Central Bank is open to all proposals.

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The governor added: “We have a compass to follow as a government and a Central Bank; that compass is the citizen.” He noted that problems had arisen with some materials and that there are materials subsidized at the rate of 2,500 Syrian pounds, as an average price set by official banks. These prices were set for banks at a higher level of profit, whether banks finance them directly or use exchange companies. Profit margins must not exceed 10 percent for sugar, rice, and medicines that are financed on this basis.

Issam stressed that Syria has a body of law aimed at furthering the public interest, which applies to everyone. That is, no one is above the law and all must be held accountable and face justice.

Issam explained that the country was in an economic situation that could not tolerate shocks resulting from wrongful individual conduct, which contravenes the law. Issam noted that some did not wish to export under his name for tax evasion purposes; he advised those who boasted of breaking the law to be disciplined, especially since no one had an interest in the law being broken.

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.

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