CBS Governor: Issuing foreign currency certificates of deposit an important step to attract Syrians’ funds

Damascus, SANA – Governor of the Central Bank of Syria (CBS) Dureid Dergham said that issuing foreign currency certificates of deposit (CDs) is an important step to attract Syrians’ funds, providing competitive returns and allowing for reinvesting them in revitalizing national economy.

In a statement to SANA, Dergham said that the decision to issuing CDs which was approved by the Cabinet recently allows for accepting deposits in foreign currencies at public and private banks operating in Syria, which should encourage people who have savings in foreign currencies to deposit them in local banks.

He also said that “Islamic CDs” will be provided to cater to those who “don’t want to make use of the interest system.”

Dergham said the banks can deposit the funds at the CBS in exchange for one-year or two-years CDs with interest of up to 5%, and the CBS will invest the funds accumulated thusly in specific projects or to fund imports in a manner that benefits national economy.

Hazem Sabbagh

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