Syria increases interests on deposits
Syria, Economics, 12/19/2005

Syrian Public Loan Bank increased interests on deposits in a step to encourage Syrians to depose their money inside the country.

"Increasing interests on deposits encouraged depositors to lodge their money inside Syria, the matter which has increased amounts of deposits in our bank from S.P 440 million to nearly one billion Syrian bounds," General Manager of Syrian Public Loan Bank Abdulrazzak Hassani told SANA Sunday.

He underlined that deposits for a month, three months, six months or a year with interests range between 7.5 % to 9.5 % enables the bank to have stable deposits, a matter which leads it to expand its long-term loans.

"The bank is coordinating with Central Bank of Syria to give the final touches on issuing certificates of deposits starting from 500 S..P and ending at 50 million S.P. with due dates range from a year to three years," he said, indicating that these certificates of deposits will be put into circulation exactly at the beginning of year 2006 with interests range from 9% to 10 %.

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