CBS: Allowing deposit of foreign currency at border crossing gives confidence for investors and expats

Damascus, SANA – The Central Bank of Syria (CBS) issued a statement clarifying the decision no. 13 which allows individuals entering Syria through border crossings to use banking services and deposit their funds immediately upon entering the country.

The CBS said that decision allows those who enter Syria to make temporary deposits at banking offices for banks licensed to deal in foreign currency that have been established at border crossings via simplified procedures, and then they can transfer these funds to their bank accounts of choice, whether that account is in the same bank as the one the office belongs to or another one.

The CBS said this decision should facilitate the banking and financial transactions of investors and expatriates, particularly since the coming stage requires facilitation in moving capitals, adding that this should also give investors and expatriates confidence in the ability to bring their money into the country without any restrictions, given the difficulties expatriates face in transferring their funds from abroad due to the unfair sanctions imposed on Syria.

The CBS explained that those who enter Syria can exchange foreign currency for SYP and via the aforementioned offices at any time they arrive at the borders, in addition to being able to purchase foreign currency from them, thereby negating the risks involved in transferring money by other means.

The CBS noted the decision allows for bringing in higher sums of foreign currency than the limit set in 2012, in addition to permitting those who bring in funds to take it back upon leaving in the same way, taking into account the relevant regulations for combating money-laundering and terrorism-funding.

Hazem Sabbagh

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