Syrian –Iraqi Banking Cooperation

(ST) – In support of the promotion of economic and trade relations with Iraq, the Governor of the Central Bank of Syria (CBS), Adib Mayaleh, addressed a letter to the government in which he explained the confirmation of the Islamic Cooperation Bank of Iraqi Investment request of the need to open a branch in the city of Damascus. 

 Because of the features expected to be achieved through the establishment of this section and of trade facilities and dealing with the issue of export of Syrian oil and providing necessary oil derivatives and thus the Governor of the Central Bank of Syria suggested setting up a branch of the bank in the form of a Syrian joint stock company under a special legislative decree.

Accordingly, the completion of the process of making the bank guarantees finding Syrian – Iraqi banking cooperation because it will become one of the private banks operating within the banking sector in Syria, so there is nothing to prevent the Islamic Cooperation Bank of Investment from work to find channels of cooperation with banks operating in Syria through correspondents in abroad and opening accounts in these banks, according to banking norms in force in this field. 

Sh. al -Khatib.