Syria Collaborates with France to Develop the Banking Sector

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The Central Bank of Syria, in cooperation with a French technical mission, has begun work on the project "Supporting and Enhancing the Capabilities of the Central Bank of Syria," aimed at developing its institutional and technical capabilities, improving the efficiency of its regulatory and monetary tools, and benefiting from international expertise to support the modernization of the banking and monetary sector in Syria.

The Central Bank of Syria clarified today, Wednesday, that the mission's work, which commenced in the presence of the bank's governor, Safwat Raslan, and the French ambassador in Damascus, Jean-Baptiste Faivre, includes a series of technical meetings with the relevant directorates and entities in the bank to identify priorities and needs, and to agree on practical steps for cooperation and knowledge transfer, in conjunction with the technical support programs provided by international partners.

The bank stated that the project focuses on two main tracks, which include developing risk-based banking supervision and enhancing the bank's capabilities in the areas of monetary policy, economic analysis, liquidity management, and interbank market, according to the Syrian News Agency "SANA."

The mission includes representatives from the French Treasury Directorate General, the Bank of France, the French Development Agency, and the French Agency for International Technical Expertise.

The Central Bank of Syria announced last July the reactivation of its banking relationship with the Bank of France, by reopening the account of the Syrian Central Bank at the bank, which contributes to providing an environment for financial and technical cooperation between the two central banks in the countries.