The central bank requires private banks not to distribute cash dividends to shareholders for the year 2019

Damascus-Sana

The Central Bank of Syria asked private banks not to distribute any cash dividends to shareholders from the profits achieved in 2019, while leaving the option for banks to recycle these profits for the next year or distribute them as bonus shares to shareholders.

The Central clarified in a circular that SANA received a copy of it that the aim of this measure is to enhance the durability of Syrian banks and their private funds and increase their ability to face local and global financial and economic challenges and risks and raise their capabilities in terms of continuing to support and finance economic sectors in a manner that reduces the negative effects of the Corona pandemic and other challenges At the level of the economic sector as a whole.

The Central has taken many steps in the context of the precautionary measures applied to tackle the Corona virus, including allowing banks to postpone loan payments to economic sectors whose activities have been affected by the virus, and suspending work with some instructions related to rigid accounts and returned checks.

Wasim Adawi