The Central Bank of Syria unexpectedly cancels the licenses of Al-Fadel and Al-Mutahida Exchange Companies.

The Central Bank of Syria has issued a decision to revoke the licenses of the two exchange companies "Al Fadel" and "Al Mutahida", without specifying the reasons behind this sudden action, only emphasizing taking legal measures to protect the bank's rights. According to a copy of the decision, the bank has tasked the Legal Affairs Directorate with following up on necessary procedures to safeguard its rights in case of any legal claims against the two companies whose licenses have been revoked. The decision also instructed to hold off on releasing the frozen cash reserves of the two companies until all financial obligations are settled and classified in accordance with the prevailing laws and regulations. It was decided to officially liquidate the two companies under the direct supervision of the Central Bank of Syria, applying the legal procedures applicable in such cases. In a significant development, sources revealed suspicions surrounding the two companies related to alleged ties to activities associated with the Lebanese Hezbollah party, without official confirmation of the validity or details of these allegations so far. This step comes within the context of the Central Bank's efforts to regulate the exchange market and pursue any illegal practices affecting the financial and economic security of the country, amidst tightening control over money transfer and cash exchange companies.