The Central Bank of Syria expects more than $1 billion in foreign capital to enter the country for the establishment of new banks. This was stated by the regulator’s governor, Mohammad Safwat Raslan, Asharq Al-Awsat reports.
Conditions for new banks
According to Raslan, Syria already has licensing requirements for Islamic and conventional banks. Key criteria include the experience and reputation of applicants, the financial capacity of founders, and the participation of a strategic banking partner, which must own at least a 10% stake in the new bank.
The time required to issue a license will depend on the completeness of the submitted documents and compliance with the established conditions. The Central Bank plans to issue preliminary licenses within three to four months after receiving all necessary materials.
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Currency operations and transfers
Raslan stated that the law allows foreign investors to keep 60% of paid-in capital in foreign currency. According to him, investors’ rights to profits and their transfer are protected, while restrictions on the purchase, sale, and transfer of foreign currency have been lifted.
The central bank governor also said that the regulator applies international risk management and accounting standards in its supervisory decisions. Separately, the bank is encouraging international money transfer operators to enter the Syrian market through local financial institutions. Daily and monthly transfer limits will be determined by agreements between Syrian institutions and foreign banks or service providers.
In addition, Syrian President Ahmad al-Sharaa appointed Nebras Mohammad Waheed Hayata as first deputy governor of the Central Bank of Syria by Decree No. 176 of 2026.
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