Syrian People's Assembly approves private bank law
Syria, Economics, 3/30/2001

The Syrian People's Assembly PA ( Parliament) on Thursday approved a law which provides for the establishment of private banks for the first time in many years. A measure, through which the Syrians hope to attract large investments in the banking system.

Meantime, the independent parliament member Riyadh Seif resumed his criticism of the government. He said that the contract by the ministry of telecommunications with two companies regarding the " mobile telephone" system is "a monopoly decision and of losses to the state's treasure of more 200 billion Syrian pounds."

In his first debate since he was asked to be investigated at charges of violating the constitution, Seif called for reopening the file of the " mobile telephone" in Syria in order " search for the truth which ensures the interests of the country."

He explained that the " mobile telephone contract is a monopoly contract which makes the state's treasure losses 200 billion Syrian pounds during the 15 years, the duration of the contract."

Seif also criticized what was stated by the minister of telecommunications Ridwan Marteini in describing this contract as " the best that Syria can get in this important economic sector" and that all phases of contracting were made legally and that competition among biding companies was equal and fair."

Seif replied that logic and reason can not accept " this generosity in giving 60,000 telephone line for free as a present to the Syrian state." noting that there was " basically a tactical planning to give this contract to the two experimental companies ( which are local Syrians working as agents for foreign companies.) He added that this " contract is a monopoly one because it is a sort of privatization contract for the most profitable activity that can ensure great income of great sums to the state treasure."

He added as for adopting the " BOT" system (Build-Operate-Transfer), it is not in the interest of Syria, noting that " this system has become no more usable in all world countries, in recent years."

The right to operate the " cellular " network in Syria is owned by two private companies that will invest in this sector for 15 years and then to be handed to the Syrian government with all its present equipment. The experimental project for the cellular phone system started since one year with the aim to set into operation some 60,000 lines but the high price of the lines permitted only selling half of the lines. The permanent project will be implemented as from the mid of this April.

Previous Stories:
  An evolving EU- Syrian financial co-operation   (3/23/2001)
  Syrian oil exports increasing   (3/22/2001)
  Three Arab leaders to open electricity grid in Syria   (3/13/2001)

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