Syria quickens the pace of financial sector reform

The country’s banking reforms are going well and attracting regional interest. But western banking groups remain largely excluded because of Bush-era sanctions. Are they missing out on an incipient boom market? Nick Lord reports from Damascus.

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.

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