On the first day of Ramadan, all Syrian banks are set to be part of the Syrian gross Settlement System (SYGS), This is a major achievement for Syria in all means as per the following reasons:
For the first time, the transfer between a bank and another will not take more than an hour, while it used to take several days. This acceleration will stimulate economic activity and accelerate the pace of work in various sectors.
The Central Bank of Syria does not impose any fee on transfers of banks' remittances in order to encourage citizens and companies to deal through banking channels instead of banknotes.
The Central Bank of Syria does not place any transfers on banks' remittances to encourage citizens and companies to deal through banking channels instead of banknotes.
The value of transfers between banks is currently about 5 billion Syrian pounds per day, With the preparation of interfaces between the settlement system and computer banking systems, the acceleration of settlement operations and the increase in the total exchange values will exceed 10 billion pounds per day over the next few months.
The system was developed by the Central Bank of Syria depending on Syrian Engineers and staff, which resulted in a saving in the cost of such program, which was required to contract for about 2 billion Syrian pounds, And most importantly, with the gradual spreading of it in various segments of the Syrian citizens, traders and industrialists, it will provide billions annually to them and the bank by canceling dealing with banknotes and the corresponding expenses in the storage and counting and examination, packaging, storage, transport and other risks related to dealing with banknotes.
Emphasized, that the Central Bank of Syria has thus completed a large part of the e-payment system promised in the course of this year, where the Syrian company for payments was asked to complete the electronic payment system for invoices and fees and this is expected before the end of this year for the installation of transformer, and then Any Syrian citizen or any trader will be able to pay his different bills through various payment channels available with the Syrian banks, regardless of where the bank or the merchant account is located.
The central bank will do further steps on small currency denominations in addition to the controls, legislation and awareness campaigns focused on the fundamental changes that will take place on the structure of e-payment in Syria and on monetary policy in general.