Latest News:  
Beijing   Thundershower/Overcast    28 / 22 ℃  City Forecast


Syria's banking sector still firm after 16 months of pressure


08:07, July 10, 2012

DAMASCUS, July 9 (Xinhua) -- Many countries have showered Syria with non-stop economic sanctions to throttle the Syrian government and speed up its collapse. The banking sector was still the hardest hit by those sanctions despite official assurances that it 's still holding.

The banking sector, according to most economist analysts, still endures heavy pressures after 16 months of unrest and excruciating international pressure.

Abed Fadhliyah, the general manager of the Syrian Real Estate Bank, told local media that the crisis has left very "passive impacts" on the Syrian economy in general, and the banking sector in particular.

Yet, he said, the financial sector is still coherent despite challenges.

"The financial sector is stable and stands at a favorable level,” he said, noting that a relative improvement has lately emerged regarding the size of liquidity and the stability of exchange rate.

"This proves that the Syrian economy is a real and solid one and not an economy of financial bubbles or fragile services," he said.

Fadhliyah confessed that the sanctions have caused some disruptions to the banking sector that were clearly seen in the funds withdrawal from banks and the shrink in loans and banking lending.

He indicated that Syrian private banks, which were boomed in Syria over the past decade, were badly influenced by the sanctions more than the public ones.

The United States has frozen Syrian assets and banned U.S. businesses from dealings with Syria, adding to broader U.S. measures against Syria which had been in place since 2004.

Arab League member countries also leveled their own sanctions on Syria that were considered the toughest ever against a member state.

The sanctions provide for halting dealings with the Commercial Bank of Syria and the Central Bank. They also suspended all trade agreements and bank transactions.

The most recent U.S. measure was to sanction the International Islamic Bank, Syria's largest private bank, allegedly for helping the government to skirt sanctions imposed on its public banks.

【1】 【2】


Leave your comment0 comments

  1. Name


Selections for you

  1. Pioneer in mask making of 2,000-year-old Nuo dance

  2. Yunnan province, a popular choice for tourists

  3. Troops conduct sea-crossing and landing combat drill

  4. Cantonese opera performed in Canada

Most Popular


  1. ASEAN should stick to mediating role
  2. Diaoyu issue needs more than diplomacy
  3. China can help keep peace in growing Africa
  4. China can avoid hard landing
  5. US-Pakistan relations still tense after apology
  6. Preserve Arctic for sake of shared global future
  7. Owning a car a fading dream in China?
  8. Do not foment youngsters to protest
  9. All classes easy prey for marketing scammers
  10. Property controls good for economy

What's happening in China

Measures to manage online programs

  1. Stocks plummet on easing inflation figures
  2. Developers raise sales targets for 2012
  3. Newspaper circulation still on the rise
  4. Wenzhou bans extravagant govt banquets
  5. Mining to become key to Tibet's economy

China Features

  1. Why is TCM worth of commendation?
  2. Arabians pay heavy price for Arab Spring
  3. Master of pasted-paper sculpture
  4. China, US hold mixed attitudes toward each other
  5. China does not lack capital: CSRC Chair

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai