Banking in Syria
Banking in Syria is controlled by the Central Bank of Syria which also controls all foreign exchange and trade transactions. All commercial banks in Syria were nationalised in 1966. The Central Bank gives priority to lending to the public sector, while the private sector often banks abroad, a process that is more expensive and therefore a poor solution to industrial financing needs. Many business people travel abroad to deposit or borrow funds. It is estimated that US$6 billion has been deposited by Syrians in Lebanese banks.

Reforms in the finance sector commenced in the 2000s, including the introduction of private banks and granting of licences to foreign banks. However, Syria’s economy is still highly regulated. Foreign banks, for example, are required to be joint-ventures, and allowed up to 49% foreign ownership, and not hold a controlling stake. As of 2018, there were 14 private banks, including three Islamic banks. All these banks had a foreign strategic partner mainly from Lebanon, but also from Jordan, Qatar, Saudi Arabia, Kuwait and Bahrain. Foreign banks are subject to sanctions imposed by various countries. There were no branches of foreign banks in Syria and no 100% owned private Syrian bank, although the laws allow both. The biggest bank by far in Syria is the government-owned Commercial Bank of Syria. 
Q806932
Central Bank of Syria
ORG
Q294217
public sector
Concept
Q591763
private sector
Concept
Q43845
business people
Concept
Q822
Lebanese
LOC
Q2111088
private banks
Concept
Q22687
foreign bank
Concept
Q489209
joint-venture
Concept
Q457753
Islamic bank
Concept
Q5152474
Commercial Bank of Syria
ORG
Q104852115
Banking in Syria
UNK
1966-01-01T00:00:00Z^^http://www.w3.org/2001/XMLSchema#dateTime
1966
DATE
2000-01-01T00:00:00Z^^http://www.w3.org/2001/XMLSchema#dateTime
2000
DATE
2018-01-01T00:00:00Z^^http://www.w3.org/2001/XMLSchema#dateTime
2018
DATE
+6^^http://www.w3.org/2001/XMLSchema#decimal
6
NUMBER
+49^^http://www.w3.org/2001/XMLSchema#decimal
49
NUMBER
+14^^http://www.w3.org/2001/XMLSchema#decimal
14
NUMBER
subclass of