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Banking

Interview with Adib Mayaleh, governor of the Central Bank of Syria

Adib Mayaleh, governor of the Central Bank of Syria

"Even if we allowed small banks to come to Syria, the market would kick them out"

Adib Mayaleh, Central Bank of Syria

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Are you pleased with how the banking liberalization process has gone?

Adib Mayaleh, governor of the Central Bank of Syria

Sure, sure, it is our baby. We are encouraging the private sector and encouraging its expansion. We are satisfied with what we have done. We have set up a plan and target and have achieved this exactly as we planned over the past five years. The important thing is to have a healthy and well-organized banking system as under Basle I and Basle II. We must also avoid any money-laundering issues. We are taking good care of the private-sector banks and they are now taking a bigger portion of the market. To have this healthy banking sector we have concentrated on legislation so it is clear and improving over time.

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What is the rationale behind the increased capital requirements that you have put in place?

Adib Mayaleh, governor of the Central Bank of Syria

When the banks started five years ago, the minimum capital requirements were suitable for that time.

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