Liquidity of Hard Currency Excellent: CBS Director

DAMASCUS, (ST) – General Director of the Commercial Bank of Syria (CBS), Ahmed Diab, confirmed that the bank’s liquidity in foreign currencies is more than excellent and the Syrian pound is within the acceptable limits. He expected that the bank profits will reach this year to more than 8 billion Syrian pounds.

 In a statement to SANA yesterday, Mr. Diab clarified that the total volume of deposits is estimated at 300 billion Syrian pounds and the total facilities granted to the industrialists up to 296 billion Syrian pounds, pointing out that the decline in profits of the Bank during the current year compared to last year totaled 13 billion Syrian pound resulting from the demise of some industrialists and investors who got loans from the bank and due to the closure of some branches in some areas.

He pointed out that the Bank’s priorities over the next year are the distribution of ATMs in safe locations to be able to provide better service to the citizen.

A new branch of the bank will soon be opened in the area of Adawiyah in the city of Homs. The total amount of the branches in the city will be three.

 “The bank continues to finance letters of credit and guarantees for traders and industrialists as it contributes to the financing of the operations of non-commercial citizens by giving each person 5 thousand euros a month for different purposes,” the director stressed.

The bank, he added, does this service for the benefit of the central bank, pointing out that the bank now depends on the financing of imports for some banking standards.

Mr. Diab revealed that the bank’s management is working to resume granting loans to people of low-income at the beginning of next year, especially for workers who are settling their salaries at the Commercial Bank.

 Sh Kh