The Central Bank of Syria announced on Friday the establishment of the Deposit Insurance Authority, a move aimed at protecting depositors' funds and providing a safe environment for investments.
The Governor of the Central Bank, Dr. Abdul Qader Al-Husriya, said in a statement carried by the Syrian Al-Ikhbariya channel: "As part of our comprehensive plan to develop the financial system and enhance confidence in the banking sector, I am pleased to announce the decision to establish the Deposit Insurance Authority in Syria."
Al-Husriya explained that the decision aims to establish clear standards and controls to protect deposits, enhance the stability of the financial system, and reduce potential risks in the event of any financial institution failing in the future.
He added that the establishment of the authority will provide a safer environment for the return of investments and financial transfers and contribute to supporting economic reforms by building a modern financial safety net in line with international best practices.
Al-Husriya explained that the authority "is not just a new institutional measure, but rather a strategic step within a broader vision to rebuild confidence in the banking system and enhance its role as a lever for economic development in the coming period."
The exclusivity decision comes after a surge in interest from businessmen and investors in Syria. Last July, Damascus hosted the launch of the first Syrian-Saudi Investment Forum, during which 44 agreements worth six billion dollars were signed.
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