Central Bank of Syria

Central Bank of Syria
مصرف سورية المركزي
Central Bank of Syria on the Sabaa Bahrat Square in Damascus
Headquarters	Damascus, Syria
Established	1953
Governor	Adib Mayaleh
Central bank of	Syria
Currency	Syrian Pound SYP (ISO 4217)
Bank rate	4.00%
Interest on reserves	6.00%
Website	http://www.banquecentrale.gov.sy/

The Central Bank of Syria (Arabic: مصرف سورية المركزي‎) is the central bank of Syria. The bank is located in Damascus with 11 branches in provincial capitals.^[1] It was established in 1953 and started its operations in 1956. The objective of the bank is "to foster the stability integrity and efficiency of the nation’s financial and payment systems so as to promote optimal macro economic performance".^[2]

Gold reserves

Since the outbreak of the Syrian civil war, it has been reported that Syria's gold reserves have been cut in half from the pre-civil war amount of around $17 billion, due to the Syrian government resorting to selling off its reserves as a way of coping with international sanctions.^[3] The Governor of the Central Bank of Syria Adib Mayalah has sought to deny these reports.^[4] This is similar to how the Syrian government is having to use up its foreign reserves to meet the demands of a budget deficit which has greatly increased to around $6.7 Billion USD.^[5]

Former Governors

(1956–1961) Izzat Traboulsi
(1961–1963) Hosni Al Sawaf
(1963–1963) Nourallah Nourallah
(1963–1970) Adnan Al Farra
(1971–1978) Nasouh Al Dakkak
(1978–1984) Rifaat Al Akkad
(1984–1987) Hisham Mutawalli
(1987–1995) Mohammad Al Sharif
(1995–2004) Mohammad Bashar Kabbarah
(2005–Current) Adib Mayaleh

Recent developments

The US, Canada, EU, Arab League and Turkey all imposed Sanctions on the central bank because of Syrian civil war.^[6]^[7]^[8] In the case of the US sanctions had already been in place against the Central Bank of Syria as a result of Section 311 of the Patriot Act, which accused the Bank of money laundering.^[9]

The Central Bank of Syria has actively been trying to undermine these various sanctions, with Bank officials meeting with friendly institutions such as Gazprombank executives in Moscow in March 2012.^[10] The Central Bank of Syria has taken an increasingly clandestine role in the domestic private sector as the country's status as a pariah state and its failing economy have deterred foreign investment.^[11]

During the Syrian civil war the Central Bank building has been attacked three times. In April 2012 an Rocket-propelled grenade was shot at the building, in April 2013 it was affected by a car bombing nearby and in October 2013 it was hit by mortar shells.^[12]

References

↑ "CBS's Branches in Syria". Retrieved 11 October 2013.
↑ "Central Bank of Syria official website". Retrieved 11 October 2013.
↑ "Syria selling gold reserves as sanctions bite: sources". Reuters. 2012-04-18. Retrieved 2012-08-25.
↑ "Skepticism overshadows Syria's gold reserves". Xinhua. 2012-04-20. Retrieved 2012-08-25.
↑ "Syria reverts to socialist economic policies to ease tension". Reuters. 2012-07-04. Retrieved 2012-10-27.
↑ Cutler, David (2011-11-28). "Factbox: Sanctions imposed on Syria". Reuters.
↑ "Turkey Slaps Economic Sanctions on Syria". Fox News. 2011-11-30.
↑ "Canadian Sanctions | Foundation for Defense of Democracies". Defenddemocracy.org. Retrieved 2013-02-04.
↑ "U.s. trade and financial sanctions against syria". Embassy of the United States Damascus. Retrieved 2012-08-24.
↑ "Syria's Russian Connection". Wall Street Journal. 2012-08-14. Retrieved 2012-08-25.
↑ "Syria backs down over import ban". Financial Times. 2011-11-04. Retrieved 2012-08-25.
↑ "Mortars hit Syria central bank in Damascus". NOW. AFP. 9 October 2013. Retrieved 11 October 2013.

External links

Wikimedia Commons has media related to Central Bank of Syria.

Official website (Arabic) (English) (French)

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Coordinates: 33°31′16″N 36°17′46″E / 33.52111°N 36.29611°E / 33.52111; 36.29611

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