The Syrian Ministry of Finance announced that the reopening of the Damascus Securities Exchange will be on Monday, June 2nd, after completing the necessary reviews and procedures for its reopening.
Finance Minister Mohammed Yosr Bernieh told the Syrian news agency (SANA) on Tuesday, May 27th, that trading on the Damascus Securities Exchange will initially be limited to three days a week.
Bernieh stated that the goal of reopening the Damascus Securities Exchange is to contribute to stimulating the economy and facilitating financial transactions, explaining that preparations for a comprehensive development of the securities sector in Syria have also begun, which includes the trading system, clearing, electronic settlement, the development of digital services, expanding investment tools, and stimulating both sides of supply and demand for securities, in addition to promoting awareness.
The Finance Minister confirmed that the necessary measures have been taken to ensure compliance with countering money laundering operations and preventing criminals from exploiting the market.
Bernieh pointed out a comprehensive review of the existing financial regulations and updating them to align with modern trends, global standards, and sound global practices, enhancing the role of the market in supporting the financing of the economy and development, serving the purposes of expansion in the Syrian economy in the coming years.
The Damascus Securities Exchange had stopped operating on December 5, 2024, due to Israeli assaults and the instability of the banking system, with the collapse of Bashar al-Assad’s regime.
The Finance Minister stated that all data of the Damascus Securities Exchange, central custody, and shareholders’ ownership are preserved and enjoy the highest levels of protection.
At the beginning of this year, the head of the Syrian Commission on Financial Markets and Securities, Abdel Razak Qassem, had expected the Damascus Securities Exchange to resume trading within a week with the return of the banking sector, but the market remains closed so far, without clarifying the reasons for its non-opening.
Qassem told CNBC Arabia that sanctions have affected the operation mechanisms of the banking sector and financing for imports, and that most banks, due to the sanctions, are unable to finance Syrian foreign trade.
Qassem explained that the Damascus Securities Exchange is one of the important channels for privatizing public sector companies and will play an important role in offering part of the companies for public subscription and listing them, noting that the listing of public sector companies will increase the number of listed companies and the performance of the market.
Qassem stated that the stock exchange is planning to establish a secondary market outside the framework of the Damascus Securities Exchange (OTC) to list shares of medium and small enterprises, confirming the issuance and listing of a group of bonds in the past phase, but trading on them is nonexistent, as their currency is the Syrian pound and the interest rate is low compared to inflation rates.
Finance Ministry sets opening date for Damascus Securities Exchange Enab Baladi.
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