Service Description:

A service provided to public governmental bodies to finance foreign trade activities - pertaining to supplies whose contracts require payment of the value via a documentary credit.

Service Documents:

1.     Request to Open a Documentary Credit: Submitted by the governmental body requesting the opening of the credit.

2.     Import License: Copy No. (4) of the valid import license, its substitute, or the document exempting the body from submitting the import license.

3.     Supply Contract: A certified copy of the supply contract.

4.     Proforma Invoice: A certified copy.

5.     Copy of Allocation Decision: A copy of the foreign exchange allocation decision issued by the Presidency of the Council of Ministers.

6.     Insurance Application: The insurance contract or application submitted to the Syrian General Insurance Corporation, if the terms of the contract cover the insurance expenses of the governmental body or agency requesting the opening of the credit.

7.     Copy of Loan Agreement: If the credit is covered by a loan.

Service Fees:

1.     Commission for Opening a Credit: 1000 SYP. A commission of 2 per thousand for every 3 months (with a minimum of 1000 SYP).

2.     0.75 per thousand for each subsequent month (with a minimum of 1000 SYP).

3.     Postage Fees: 400 SYP for domestic mail, 400 SYP for mail to Arab countries, and 800 SYP for mail to foreign countries.

4.     SWIFT Fees: 500 SYP per page or its equivalent.

Requirements:

1.     The credit must be opened in foreign currencies.

2.     Before the request reaches the Credits Department, confirmation of the availability of an allocation for foreign currencies must be obtained from the Monetary Control Department. Additionally, the correspondent bank to be dealt with must be determined by the Back Office section of the Directorate of Banking Operations.

Service Classifications:

1.     Businesses

2.     Governmental bodies

Implementation Rate in Days:

3 working days.