Banking and FinanceConstruction

Central Bank of Syria Lifts Freeze on Most Bank Accounts, Boosting Economic Activity

Economic Update

Sources within the banking sector have confirmed that the Central Bank of Syria has instructed commercial banks to lift the freeze on most bank accounts. This directive, however, excludes accounts that remain frozen due to official mandates, particularly those associated with individuals connected to the regime of former President Bashar al-Assad.

According to these sources, the newly established Syrian administration imposed a comprehensive freeze on bank accounts shortly after taking power.

While customers have been permitted to contest these decisions and withdraw or transfer limited funds, the banking freezes have significantly impeded economic activity.

An official source from the banking sector has indicated that depositors are now able to withdraw, deposit, or transfer funds. However, banks will evaluate these requests based on their available liquidity.

Furthermore, the central bank mandated last week that commercial banks freeze all accounts belonging to individuals and entities linked to the Assad regime. These restrictions continue to be enforced.

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