Jul 21 2011 |
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Cooperation Between Syrian and Lebanese Banks
21 July 2011The Secretary General for the Lebanese-Syrian Council, Nasri Khoury, confirms the close cooperation between the Central Banks in Lebanon and Syria, and denies that the ratio of transfers, from Syria to Lebanon, is as high as rumored.
He added that "in the last two weeks, deposit activity returned to Syrian banks, after a series of decisions by the local banks". Khoury didn't talk about the size of the transfers, but Lebanese banking sources strongly denied rumors of a $20 billion dollar transfer from Syria to Lebanon. According to Khoury, "the Syrian banking sector has been effected by the events, but there is a situation of adaptation" noting that Lebanese banks communicate with the central bank in Syria. He does not think the effect has been very large.
Khoury said that the application of previous agreements have not stopped, and that they're waiting for the adoption of conventions in the Lebanese Parliament.
Khoury affirmed that the size of Syrian investments in Lebanon is great, but stressed that most of them are individual investments and not by investment companies and institutions. In addition, there are big Lebanese investments institutions in Syria, focusing on the banking sector, insurance, tourism and industry.
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