BATOUL RIDA LEANS forward in her seat. "It has been so exciting," she enthuses."Five years ago there was nothing here. It was virgin territory." Rida, resplendent in a turquoise headscarf, is a splash of colour in the otherwise utilitarian offices of the Central Bank of Syria. She is employed by GTZ, a German technological cooperation company, and is seconded to the central bank as a reform expert.
For Rida and other reform-minded Syrians, the changes to the country’s banking system are perhaps the most visible evidence of the economic changes in the years since president Bashar Al-Asad took over from his father. Five years since they started, the banking reforms have recently moved to a new level of intent.
In mid-January, the central bank increased the limit on foreign stakes in privately owned Syrian banks to 60% from the previous 49%. Foreign groups can now take majority...
