Traditional certificates of deposits are issued in accordance with the system outlined by the Central Bank of Syria for issuing traditional deposit certificates in Syrian pounds. This system is defined by the Monetary and Credit Council Decision No. 185, dated 9 December 2018, and its executive instructions issued by the Central Bank of Syria Management Committee Decision No. 132, dated 04 February 2019.

The Central Bank employs certificates of deposit to augment its capacity in regulating local liquidity through the establishment of novel financial instruments tailored for liquidity management, harmonized with the current situation, based on vigilant monitoring of market dynamics. The purpose is to fortify the framework for an efficacious monetary policy and bolster the Central Bank’s capability to realize its objectives over the medium and long term. This endeavor is facilitated through the activation of available open market tools, thereby fostering the broader development of the financial landscape, especially the interbank market.

The certificates additionally facilitate the creation of a novel avenue for deploying bank funds, thereby incentivizing financial institutions to solicit fresh deposits into the banking sector. This is achieved through the introduction of innovative banking products tailored to meet the diverse needs of the public, resulting in a favorable impact on the depositor base.

In this context, the Central Bank of Syria has issued four tranches of traditional certificates of deposit denominated in Syrian pounds to established traditional banks. It is noteworthy that the Central Bank of Syria has duly settled the values of the certificates of deposit to all issues, fulfilling all associated obligations to the respective holders.

The following table shows the results of these issues: