The Governor of the Central Bank of Syria Announces the Establishment of the 'Deposit Guarantee Authority'

Dr. Abdul Qadir Al-Hosri, the Governor of the Central Bank of Syria, announced the issuance of a decision to establish the Deposit Guarantee Authority in Syria, in a step that is considered part of the bank's comprehensive plan to develop the financial sector and reinforce confidence in the banking system.

The announcement came via a post on the 'LinkedIn' platform, in which Dr. Al-Hosri clarified that the main objective of the decision is to 'protect depositors' funds within clear standards and controls, enhance the stability of the financial system, and prevent risks associated with any future default in any financial institution.'

The governor confirmed that this initiative will contribute to 'providing a safer environment for the return of investments and financial transfers, and supporting the path of economic reforms by building a modern financial safety net that aligns with the best international practices.'

Al-Hosri's remarks were not limited to the technical aspect of the procedure, but he described it as 'not just a new institutional procedure, but a strategic step within a broader vision to rebuild trust in the banking system and enhance its role as a key lever for economic development in the upcoming phase.'

In conclusion, he reiterated the 'central bank's commitment to developing a robust institutional financial structure that serves the aspirations of Syrians and attracts partners both domestically and internationally.'

It is noteworthy that the Governor of the Central Bank had indicated in a previous statement on July 4, that 'the government seeks to build a healthy economy based on production and exports,' hinting that 'a deposit guarantee institution will be established in Syrian banks,' making today's decision the practical application of those statements.