Damascus-Sana
The Council of Ministers' decision regarding the payment of an amount of 5 million liras and the freezing of 500,000 liras of it in the bank accounts designated for the sale of real estate and vehicles for a period of at least 3 months contributed to reducing work pressure and burdens on public and private banks and facilitating the distribution of cash liquidity sufficient to cover the volume of these banking operations during the period Acceptable timelines.
In a statement to SANA, the General Director of the Industrial Bank, Dr. Omar Sidi, explained that since the issuance of Cabinet Resolution No. 5 at the beginning of last year requiring the seller and the buyer to open bank accounts for the sale of real estate, vehicles and land, the burdens on the bank have increased due to the large volume of operations to open accounts and the large time and customer pressure. The new decision removed a great burden from the banks' shoulders.
Sidi indicated that the new decision gives customers sufficient time to open accounts and does not occupy banks with large withdrawals from these accounts due to freezing 500 thousand pounds in the account for at least three months, considering that the 5 million Syrian pounds required to be deposited into the account as a result of sales operations constitute only a small part of the price The real estate and the vehicle are according to the real prices that are currently popular, which were dealt with by the recently issued Real Estate Sales Law, which requires showing the real value of the sales within the sales contracts.
Sir emphasized that the rights of dealers with operating banks have never been affected since the beginning of the crisis in Syria, and therefore there is no reason for fear by the buyer of the property or vehicle to deposit part of the sale price in the seller’s account, describing the decision to oblige the seller and the buyer to open bank accounts as being in the right direction to direct Citizens towards the necessity of dealing with banks and enhancing the banking culture. This will have significant positive economic results.
Sidi indicated that the liquidity in public banks is very large, for example, the volume of deposits with the industrial bank alone is about 70 billion Syrian pounds, and the part ready for lending is about 20 billion pounds, and that this negates the rumors that the decision to deposit 5 million in the bank account comes due to weakness Liquidity at banks.
Sidi pointed out the importance of bank accounts in enhancing electronic services and billing, and it is the main phased approach currently in terms of securing banking infrastructure to dispense with banknotes or banknotes in financial transactions, whether they are sales, bills or others.
Wasim Al-Adawi
