VOL. XLVI

No 26

30-June-2003

SYRIA

BUDGETS AND REVENUES

Syria Cuts Interest Rates On Loans And Deposits

Syria has cut interest rates on lending by domestic banks to 7.5% per annum from 9% per annum, following a recent meeting of the countrys monetary policy council, which was formed as part of reforms put in place by President Bashar al-Asad. At the same time, the interest rate on deposits was cut to 7% from 8%, and some charges on borrowing from certain specialist banks and financial institutions...