The Central Bank of Syria (مصرف سورية المركزي) is the central bank of Syria. The bank is located in Damascus with branches in major cities. The US, Canada, EU, Arab League and Turkey all imposed Sanctions on the central bank because of Syrian civil war.[1][2][3] 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.[4]

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.[5] 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.[6]

Gold reservesModifica

Central Bank of Syria

Sede centrale della Banca centrale Siriana

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.[7] The Governor of the Central Bank of Syria Adib Mayalah has sought to deny these reports.[8] 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.[9]

Former GovernorsModifica

  • (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

See alsoModifica


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External linksModifica

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