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Governor Message
Central Bank of Syria has continued the implementation of the plan
for modernizing the bank issued by Resolution of the Board of
Monetary and Credit No. (187/mn/ b1) Date of 14/2/2006, and
ratified by the President of the Council of Ministers on 27/2/2006, In
order to achieve the objectives of the Tenth Five Plan in line with the
plan of modernization and development, led by Mr. President of SAR Dr.
Bashar al-Assad, which was announced since he took his constitutional
duties.
Central Bank of Syria has achieved many achievements over the past years
both in the development and implementation of
monetary policy, Or at the level of performancing its different
functions.
It was able to take the most important decisions and steps of reform in
the most difficult circumstances,
benefiting of the political stability in Syria.
In order to build sound foundations of an effective monetary policy, not
based on the principle of
reaction, but on fixed rules and declared,
where the Central Bank of Syria announced its commitment to ensure
financial stability and defend the stability and strength of the
exchange rate of Syrian pound, and secure favorable financial and
monetary climate to attract investment and promote
economic growth.
The Central Bank of Syria has succeeded in achieving its objective of
maintaining the stability of the exchange rate of the Syrian pound Which
supports the strength of the national economy, and enhances the
confidence of investors with
the Strength of the economic situation. In line with the importance and
status of the exchange rate in monetary policy in Syria. and this
stability has been strengthened by working on the organization of the
foreign exchange market and removing restrictions
on the current account, within the framework of the Plan of the Central
Bank of Syria in the transition to a more flexible framework for
monetary policy.
with a focus on laying the foundations for strengthening our ability to
develop our future scenarios about the monetary policy into practice.
These developments were associated with the work of the Central Bank of
Syria with a growing interest in issues of corporate governance and
issues of transparency, disclosure and accountability. So as to provide
a sound platform for banking activity, as experiences has shown the
importance of these elements and its superiority regarding the
effectiveness of monetary policy, and from this principle we have
focused during the past period on a Set of values that are success
factors of the work of any central bank,
in particular, we have paid attention to issues relating to the
independence of Central Bank of Syria, and the transparency of monetary
policy, in addition to focusing on the issues of communication with the
market, and how to explain the orientations and decisions
of
the Central Bank of Syria.
Experience has shown that the effectiveness of monetary policy in
achieving the objectives pursued by the Central Bank is fully linked to
the extent of transparency and the ability to communicate with the
central bank,
from this point we have worked extensively to make our policies
understandable by all parties involved in the market through developing
an integrated strategies to communicate with the market, either through
the website of the Central Bank of Syria on the Internet,
which is an utmost important tool of the declaration of the policies of
the Central Bank, Especially in light of the large trend towards the use
of the Internet as a quick way to obtain information, or through
communication with the print media, especially the specialized
press or other media.
The process of monetary reform, which began five years ago and is still
continuous & apace, what has been done is only steps within a
comprehensive plan to strengthen the status of monetary policy between
other macroeconomic policies, in
addition to enhancing the efficiency of financial and banking sector and
diversifying its services and assuring its quality to include all
segments of society in line with the latest international standards.
Dr.
Adib Mayaleh |