The new circular from the Commercial Bank of Syria allows loans to be repaid in US dollars.

The Commercial Bank of Syria has announced a new directive allowing customers to settle due loan installments or pay off loans in full and close them using cash equivalents in US dollars, whether in cash, from funded accounts in cash, or through a bank transfer, according to specified guidelines.

According to the bank's statement, branch managers are authorized to process payments for amounts not exceeding $1000, whether for a due loan, multiple installments, or the full debt in case of loan closure. If the amount exceeds this limit, the request is escalated to the lending department for review, then to the foreign relations department for final approval.

The bank has also allowed customers with overdue debts to submit requests to settle their debts in dollars following the same procedure, with these requests being reviewed by the lending department and then forwarded to the foreign relations department for approval.

The bank emphasized that all payment transactions will be based on the official exchange rate set by the Central Bank of Syria, taking into account the purchase rate on the date of the transaction.

This measure comes amidst the challenges facing the Syrian market, including the liquidity shortage in Syrian pounds and exchange rate fluctuations, prompting banks to provide flexible solutions to facilitate the settlement of financial obligations for customers, while adhering to legal regulations and foreign currency exchange practices.