Great changes in the Syrian Banks
Syria, Economics, 11/1/2004
Syrian Finance Minister Mohammed al-Hussein stressed that Syria will witness in 2005 a great change in the performance of its banks.
In a statement to al-Thawra daily published on Sunday, Hussein added that the ministry concluded a study for four draft projects on amendment of the decree of establishing Real Estate, Savings, Agriculture and Public Credit Banks.
A study also on the amendment of Commercial Bank of Syria( CBS) is going to be achieved in a way that ensures the development of it operation system, Hussein stressed.
Regarding the Industrial Bank of Syria (IBS), Hussein pointed out that Ministry of Finance is negotiating with the European Investment Bank (EIB) to find a better form for its work through developing its system of operations and management.
Hussein added that work with the EIB is continuous on transforming the IBS to a joint bank, an important turning point in the history of the Syrian banks, asserting that managing a Syrian bank according to European standards will be very useful for all the other banks, particularly that the (EIB) will be a partner in everything, specially the management.
"EIB's vice-president is scheduled to visit Syria during the next two days to discuss the cooperation between Syria and the Bank in the field of partnership between the Syrian (IBS) and the EIB," Minister of Finance emphasized.
On developing the CBS, Hussein said the Ministry is working on preparing and forming a working team to study the investment of the savings of this bank in an accurate way.
He pointed out that the Economic Committee agreed in its recent meeting in the presence of Prime Minister Mohammad Naji Otari on certain financial policies, in addition to discussing the project of automation of the CBS, which is scheduled to be concluded next year. The Bank is also going to issue a visa to its costumers to facilitate transactions.
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