View on the decision to open private banks in Syria

The Kuwaiti daily al-Seyasah said in its Sunday's issue quoting the Syrian economic expert Raslan Khadour on the decision of opening private banks in Syria that this "new activity needs caution and control because investment in the banking sector is sensitive."

In its Sunday's issue, according to the source, the paper added that opening of private banks requires a transparent legal framework, under a comprehensive monetary reform and improving the state ­ run banks.

In this course, the same paper quoted the secretary of the Syrian chamber of commerce Abdul Rahman al-Attar as saying that the economic growth and the informatics revolution can be completed by establishing banks because the two sides are integrated.

For his part, the dean of the faculty of the economy at Damascus university Dr Abdul Rahim Bawaqdiqji called for setting up share- holders companies in the local market in order to provide a success for the banks to be established. He, in this regard, underlined the importance of banks' secrecy in encouraging Arab and foreign investments.

The governor of the central bank of Syria Muhammad Bashar Kabarah called for ensuring means to give the Syrian banks enough flexibility to cope with the rapid progress and renovation taking place in the world banks.

The deputy premier for economic affairs Khaled Raad stressed that the recent economic measures in Syria will open the door for investment, wide.