No 51/52



Syrian Minister Says Decision To License Private Banks Irreversible

The Syrian Minister of Economy and Trade, Ghassan al-Rifa'i, has said that the decision to license private and mixed banks is irreversible and that he expects the first license for a private bank to be issued in the first quarter of 2003. In 2000 Syria passed legislation to allow private banking for the first time since the nationalization of the banking sector in the 1960s, and...