Established by Fathi Ibrahim Bayoud 2005 - Homs

Syria imposes restrictions on carrying cash between provinces

Business | 2020-06-03 22:31:01
Syria imposes restrictions on carrying cash between provinces
   A banker stacks packed Syrian lira bills at the Central Bank in Damscus
The Central Bank of Syria imposed a cap of five million Syrian liras ($9,746) on the amount of cash that travellers may carry with them when they move from one province to another within the country.

In an official memo, the bank required travellers to transfer any money that is more than five million Syria liras through banks and certified money transfer companies, saying this comes after the Central Bank conducted a number of field visits to money transfer companies.

The bank added that the decision was put in place to protect citizens and their money and to prevent them from coming into harm’s way during their travels.

Syrian authorities recently banned six money transfer companies as part of measures that the government was taking to regulate money transfer. Earlier this week, the Central Bank issued a statement warning against dealing with “unknown” persons who claim that they transfer money.

Under pressure from Russia to repay a war debt of $3 billion, the Assad regime has resorted to an unconventional debt repayment method: pressuring regime-friendly business figures, who had profiteered from their relationship with the regime, to pay up, and is increasing its control over funds held in the country.

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