The Central Bank of Syria reveals its plan to regulate the golden sector

The Central Bank of Syria has unveiled its plan to develop the system of importing and exporting gold and to support the precious metal sector in the country for the purpose of freeing it. The Central Bank of Syria explained in a statement published on its website that it is working to reconsider the system of importing and exporting gold with the aim of liberalizing it, legislation no. 34 of 2023, which includes the regulation of cases of raw gold imports in Syria, and the development of a system for the licensing of the national gold refinants, in coordination of the financing of the official authorities. Reconsider the system of importing and exporting gold in Syria. The central bank indicated that the reconsider of importing and exporting gold and the introduction of a system for the licensing of refineries’ an important step towards regulating the gold market in Syria, strengthening the state’s resources and opening new horizons for investment and industry, in a way that builds the process of economic recovery and a strong and sustainable national economy. ” The Central Bank of Syria will also directly oversee the implementation of this framework by a national electronic register to detect gold and a licensing system for refineries, ensuring transparency and accountability at all stages of offer, production and exports. Central Bank of Syria’s policy, the plan published on the Central Bank of Syria website, made it clear that the Central Bank policy is aimed at supporting national production, encouraging investment in the gold and jewelry sector and creating an organized and transparent gold trade market that limits confidence and smuggling and speculation. And work to license gold -draineries in Syria to work in accordance with the international technical and environmental standards. The Central Bank of Syria also aims to ensure the highest levels of financial integrity and compliance with money laundering standards and terrorist financing. And make Syria a center for the gold and jewelry industry and link it to regional markets in the region. In addition to improving Syria’s traditional reputation as a country known for the skill of goldsmiths and making high quality jewelry, in addition to creating jobs in important crafts and the development of national cadres. The central bank performs reforms in many aspects that influence the economy to develop the financial system and increase confidence in the local banking sector. Including the introduction of a new local currency and the removal of zeros from it, reducing large cash flow in informal trade that makes it difficult to monitor the liquidity, and to execute a managed fluent of the lira’s exchange rate, and rely on demand and demand mechanisms. The Central Bank of Syria has also erected a deposit insurance authority in the country with the aim of providing a safer environment for returning investments and financial transfers. In addition to canceling all restrictions on the transfer of funds between governors. The central bank also makes an inventory and review of the legality of frozen accounts and balances abroad, in collaboration with the study how to manage them.