The Central Bank of Syria announced the exemption of cash deposits (new ones exclusively) deposited after the date of April 3, from the daily withdrawal limit set at 5 million Syrian pounds, after the end of the deposit term.
Circular No. 16/1930 published by The Central Bank of Syria today, and issued on the 19th of this month, “allowed to “exempt cash deposits with banks (which were deposited with the aim of investing in term deposits of natural and legal persons, after the effective date of the Monetary and Credit Council Resolution No. 68 dated 3/4/2022). According to which the minimum interest rates paid by banks operating on deposits were amended, from the application of item 1/ of Circular No. 920 dated 22/2/2022, which set the daily cash withdrawal ceiling at 5 million Syrian pounds, so that the depositor can, upon the expiry of the term of the deposit, and his desire to withdraw it, exceed the specified value for the daily withdrawal.
The bank said in a press announcement attached to the circular that this comes “within the context of the recent directions taken by the Monetary and Credit Council in terms of monetary and credit policy, and with the aim of stimulating the investment of cash savings in the banking sector.”
The second paragraph of the circular stated:
The daily cash withdrawal limit specified in accordance with item 1/ of Circular No. 920 dated 22/2/2022 remains valid on all accounts and deposits contracted before the entry into force of Resolution No. 68 dated 4/3/2022, and on deposits that are renewed after the effective date Resolution 68 of 3/4/2022.
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