Governor of the Syrian Central Bank: The bank has enough to pay salaries after a 400% increase economy

Central Bank of Syria Governor Maysaa Sabreen said that the bank has enough money in its coffers to pay public sector salaries after the 400% increase pledged by the caretaker government.

Sabreen added – in an interview with Reuters – that the bank is looking for ways to expand Islamic banking services. He is also working on preparing projects to amend the bank’s law to enhance its independence With regard to monetary policy decisions, this will be a major shift from the tight state control over the bank during the rule of ousted President Bashar al-Assad.

These changes require the approval of the new ruling authority in Syria. But the process is not clear at this stage. Sabreen was not given any An indication of when this happened.

Economists believe that the independence of the central bank is crucial Importance for achieving macroeconomic stability and the financial sector Long term.

Although the Central Bank of Syria has always been, in terms of… The theory, an independent institution, makes monetary policy decisions The bank under the Assad regime was effectively determined by the government.

Sabreen also said, “The Central Bank is looking for ways to expand Islamic banking services due to the presence of a segment of Syrians who avoid them Use of traditional banking services.

“This may include giving banks – which provide traditional services – the option of opening Islamic banking branches,” she added, noting that Islamic banking services already exist in Syria.

Avoid printing the lira

Regarding printing new banknotes for the Syrian pound, Sabreen explained: The bank wants to avoid having to print the lira to reflect this in inflation rates.

She declined to give details when asked about the size of current foreign exchange and gold reserves, and said that the review of the general budget is still underway.

Estimates indicate that The central bank has approximately 26 tons of gold in Its coffers, worth about 2.2 billion dollars, as well as about 200 million A dollar and a large amount of Syrian pounds.

It is subject to the Central Bank of Syria and a number of former rulers Because of the US sanctions imposed after Assad’s violent suppression of the protests In 2011, which turned into a civil war that lasted 13 years.

Sabreen, who held the second most important position in the Central Bank of Syria, assumed the position of acting governor, succeeding Muhammad Issam Hazma late last year. She is a rare example of a former government employee who was promoted after the fall of President Bashar al-Assad on December 8.