• The Council Structure

The formation of the Monetary and Credit Council:

Based on the provisions of Decree No. 308 of 2020, the Monetary and Credit Council was formed as follows:

The Monetary and Credit Council aims to achieve a set of objectives, including:

·       Developing the monetary and financial market and organizing it according to the needs of the national economy.

·       Maintaining the purchasing power of the Syrian currency

·       Achieving stability in the external exchange rate of Syrian currency and ensuring the freedom to convert it to other currencies

·       Expanding the possibilities of using resources and energies and working to develop national income.

In order to achieve its objectives, the Monetary and Credit Council assumes its tasks specified in Article Three of the Legislative Decree 21 of 2011, as follows:

1.     Adopting the monetary policy strategy, including the exchange and interest rate strategy, and submitting it to the Council of Ministers to consider approving it.

2.     Adopting policies emanating from the monetary policy strategy and taking the necessary decisions to achieve the intermediate and operational objectives.

3.     Approving the exchange system and submitting it to the Prime Minister to consider approving it.

4.     Adopting the discount rate within the framework of monetary policy management.

5.     Licensing and registering banks and financial institutions subject to the supervision of the Monetary and Credit Council in accordance with the provisions of applicable laws and regulations.

6.     Organizing, supervising and controlling banks and financial institutions subject to the supervision of the Monetary and Credit Council in accordance with the provisions of the applicable laws and regulations through the Banking Supervision Department.

7.     Approving the financial statements, annual report, and official reports and submitting them to the Prime Minister to consider approving them.

8.     Approving the official foreign reserve investment strategy and submitting it to the Prime Minister to consider approving it.

9.     Approving the official foreign reserves investment policy, after approving the strategy indicated in the previous clause.

10.  Approving regulatory instructions for the management and supervision of payment, settlement and clearing systems in accordance with the provisions of this legislative decree.

11.   Identifying the specialized local or foreign bodies that can be used in matters related to the accounts of the Central Bank of Syria.

12.   Supervising the implementation of the policies and tasks of the Central Bank of Syria.

13.  Submitting periodical reports to the government on monetary policy indicators and the performance of the Central Bank, and submitting proposals to address specific cases that the monetary authority deems necessary to address.

14.  Other powers and tasks granted to the Council by Law No. 23 of 2002 and any other law in a manner that does not conflict with the provisions of this legislative decree.

15.   In issues that do not fall within the jurisdiction of the Monetary and Credit Council, the Economic Committee is responsible for the coordination between monetary policy and macroeconomic policies.

16.  Proposing amendments to the applicable legislations, or proposing new legislations, in matters within the jurisdiction of the Central Bank and the Monetary and Credit Council.