Damascus-Sana
The Central Bank of Syria announced that operating banks would be allowed to resume granting credit facilities.
In a circular to all banks in Syria, SANA received a copy today, the bank stated that it allows operating banks to resume granting direct and indirect credit facilities exclusively to finance the agricultural sector (small and medium enterprises - those with limited income) in addition to real estate loans.
The bank has set controls on operating banks to adhere to within the framework of their resumption of granting loans, namely not granting any revolving credit facilities (overdraft - debit bonds) and others until subsequent instructions are issued in this regard, and the credit facility ceiling does not exceed 500 million and 400 million Syrian pounds if it is The facility granted as a real estate loan.
In its circular, the bank stressed the necessity to adhere to the regulatory instructions regarding not granting any form of credit facilities to defaulting clients, while taking all legal measures to collect bad debts with the bank in accordance with the laws and regulations in force and adhering to the principles and standards issued by the Monetary and Credit Board and the controls and precautionary measures governing the grant process and following it up in the manner optimum.
Last June, the Central Bank of Syria asked all banks operating in the public and private sectors to wait for the processes of granting credit facilities in all their forms and formats until they are provided with other instructions in this regard.
