Private banks and stock markets to open in Syria
Syria, Economics, 12/4/2000

The Syrian minister of the economy and foreign Trade Muhammad al-Imadi described the decision taken by the Baath party regional Leadership on founding private banks and stock markets as a wise resolution which meets the aspirations of employees in the economic sector and expresses a true openness to the Arab and world economy.

In a statement to SANA made on Sunday, the Syrian minister said the decision will contribute to the strengthening of the country's banking system, the reactivation of the economic multi-pluralism and the meeting of requirements of the great Arab free trade zone which will liberate services among the Arab countries as well as the requirements of the fourth coming Syrian- European partnership.

The minister said the establishment of private banks will increase the country's economic activities and the state's revenues and will lead to the integration of Syria's stock markets with those of the Arab states.

He continued: " The decision confirms Syria's determination to create the best climates for investments as pinpointed by President Bashar al-Assad." Meantime, in a press conference held earlier in the day Sunday, member of the Syrian Baath Arab Socialist Party's Regional Leadership Muhammad al-Hussein and the chairman of the Regional economic bureau confirmed that the directives of President Bashar al-Assad on the development and modernization are being implemented in a scientific and logical way reflecting that it is a top priority to President Bashar al-Assad.

After the decree issued by President al-Assad for the establishment of an investment bank, the Baath party Regional leadership approved the establishment of private banks and the establishment of a stock market.

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