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Syrian, Turkish Banks Share Experiences.

Summary: DAMASCUS (Cihan/SANA) - The activities of the Syrian-Turkish Commercial Banks Experiences Conference kicked off on Sunday at Sham Hotel, organized by Central Bank of Syria, the Central Bank of Turkey and Banks Association of Turkey.

Governor of Central Bank of Syria Adib Mayaleh said that the conference is an exceptional chance for learning from the experiences of the Syrian and Turkish bank sectors and exchanging expertise in order to bolster growth and economic cooperation between the two countries, adding that the Syrian-Turkish relations are a role model for relations between countries.

Mayaleh pointed out that the steps taken by the Central Bank of Syria during recent years focused primarily on supporting economic development and stimulating various economic sectors to achieve more growth and development by influencing financing channels in economy.

He also noted that the most important steps taken by Syria in financial liberation include issuing law number 24 for 2006 that regulates the money-changing profession, issuing a decision to regulate foreign currency centers, and liberating the current account from the balance of payments, all of which helps earn the trust of foreign investors and attract financial investments.

Mayaleh said banks working in Syria amount to 19 banks, including 6 government banks, 10 private banks, and 3 Islamic banks, in addition to licensing two traditional banks and one Islamic bank.

He concluded by affirming that the Turkish banks and financial establisghment that intend to enter the Syrian market will enrich banking with their experience, allow for more competition, and improve the level of financial and banking work in both countries.

For his part, governor of the Central Bank of Turkey Durmus Yilmaz said that Turkish banks in their current strong state seek to participate in the economies of neighboring countries and wish to bolster banking cooperation with Syria, noting that several Turkish banks seek to open branches in Syria as part of their effort to expand their international work policy.

In turn, Chairman of the Arab Banks Union Adnan Ahmad Yousef pointed out that the Arab banking sector achieved remarkable growth during the past few years due to good economic growth rates.

He said that growth in the Arab banking sector amounted to 30% in 2007 followed by 15.6% growth in 2008, with its overall assets making up more than 150% of the gross domestic product (GDP) of all Arab countries, which reflects the financial strength of the Arab region's economy.

Yousef added that the overall balance of Arab banks amounted to around USD 2 trillion by the end of 2009, with around 470 Arab commercial, investment, Islamic and specialized banks employing more than 370,000 people across a large network of branches that number around 15,000, with an overall deposits base of USD 1 trillion and a capital base of USD 236 billion.

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Publication:Cihan News Agency (CNA)
Geographic Code:7SYRI
Date:Jan 25, 2010
Words:475
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