{"id":124474,"date":"2025-04-15T12:28:54","date_gmt":"2025-04-15T12:28:54","guid":{"rendered":"https:\/\/npasyria.com\/en\/?p=124474"},"modified":"2025-04-15T12:28:56","modified_gmt":"2025-04-15T12:28:56","slug":"sanctions-hamper-syrias-banking-sector-economic-expert","status":"publish","type":"post","link":"https:\/\/npasyria.com\/en\/124474\/","title":{"rendered":"Sanctions hamper Syria\u2019s banking sector \u2013 Economic expert \u00a0"},"content":{"rendered":"\n

DAMASCUS, Syria (North Press) \u2013<\/strong> The ongoing international sanctions on Syria\u2019s banking sector are significantly obstructing the normal flow of financial operations and investments, Abdul Razzaq Hassani, Associate Dean for Academic Affairs at the Faculty of Economics at Damascus University said on Tuesday.<\/p>\n\n\n\n

In an interview with North Press, Hassani emphasized that the sanctions prevent the proper execution of routine international banking activities, including capital inflows for investments and trade financing.<\/p>\n\n\n\n

\u201cSuch operations typically rely on the SWIFT international transfer system,\u201d he explained, \u201cand sanctions effectively block this access.\u201d<\/p>\n\n\n\n

Hassani warned that circumventing sanctions\u2014similar to practices used under the former regime\u2014could lead to increased transaction costs and the risk of additional international penalties.<\/p>\n\n\n\n

\u201cThis presents a serious challenge for banking management and the government as a whole,\u201d he added.<\/p>\n\n\n\n

Hassani, who was once board member of the Damascus Securities Exchange, stressed the importance of continuing to advocate for lifting the sanctions to rebuild confidence in Syria\u2019s financial institutions.<\/p>\n\n\n\n

\u201cThe sanctions were imposed by Western governments and the U.S. under the claim of supporting the Syrian people,\u201d Hassani said.<\/p>\n\n\n\n

\u201cHowever, the former regime exploited these measures, allowing a handful of businessmen to amass immense wealth while ordinary citizens suffered.\u201d<\/p>\n\n\n\n

According to Hassani, Syria\u2019s banking system comprises public and private banks, along with four Islamic banks. He pointed out that, aside from sanctions, deep-rooted institutional issues have contributed to the sector\u2019s decline\u2014particularly within public banks.<\/p>\n\n\n\n

\u201cThese institutions suffer from poor management, lack of expertise, and an entrenched bureaucratic mindset that prioritizes administrative control over economic efficiency,\u201d he noted.<\/p>\n\n\n\n

Hassani also highlighted the technological stagnation afflicting the sector. \u201cBanking is a highly technical field\u2014what we call the art of banking\u2014but this art is undermined by severely underpaid staff and outdated software systems,\u201d he said.<\/p>\n\n\n\n

Efforts to modernize are hindered by the limited capital of most banks. While Islamic banks benefit from relatively larger capital reserves, other institutions lack the financial capacity to invest in large-scale development projects or offer substantial loans. \u201cThis remains a major obstacle to economic growth,\u201d Hassani concluded.  <\/p>\n\n\n\n

By Norman al-Abbas<\/strong><\/h3>\n\n\n\n
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