Syrian experiences strong inflow of bank deposits

Chairman of the Syrian Chamber of Commerce Rateb Al-Shallah on Thursday described as normal the return of Syrian funds deposited in banks abroad to local banks.

Speaking at a news conference, Shallah commented the return of Syrian funds from Lebanese banks saying, "This is a normal matter and this constitutes normalization of the financial conditions in Syria." Justifications for Syrians to deposit their money abroad no longer exist, he said, indicating at the opening of more private banks in the country.

Syria is currently witnessing noticeable inflow of funds and remittances from the immigrants and Arabs, he added, indicating at several new incentives such as the increase of the interest rate on the deposited funds in the Syrian banks and free movement of the deposits.

Shareholding companies that have begun floating stocks for public subscription at a rate of 49 percent are being accorded with diverse incentives, namely low taxes reaching 15 percent, Al-Shallah said, affirming that private companies can join shareholding companies listed in the local stock market.