Law No. 23 of 2002 Basic Monetary Law

President

Based on the Constitution

As approved by the People's Assembly at its meeting held on the date of 27-9-1422 A.H., 12-12-2001 was my birth.

The following are issued:

Section I

The Monetary and Credit Council

Article 1:

1. The Monetary and Credit Council is tasked with organizing and coordinating the effectiveness of the monetary and credit institutions in the Syrian Arab Republic to achieve the objectives set out below within its authority and within the general economic orientations of the State approved by the Council of Ministers.

a. The development and regulation of the monetary and financial market according to the needs of the national economy.

b. Maintain the purchasing power of the Syrian government.

c. To stabilize the foreign exchange rate of the Syrian currency and secure the freedom to convert it into other currencies.

d. Expand the possibilities of using resources and energies and work on the development of national income.

2. In the interest of this, the Monetary and Credit Council will take over.

a. The development and management of monetary policy in the Syrian Arab Republic in accordance with the general strategy of the State and the needs of the national economy, including policies relating to price stability, the purchasing power of national currency, credit policies, interest, bank savings and exchange rates.

b. The powers of the Monetary and Credit Council provided for in section III of this Law.

c. Follow-up to the banking system and consideration of all issues related to banking and related activities and making appropriate decisions about them through the Central Bank of Syria;

d. Organization of payment and settlement processes, including current operations by electronic means.

e. Monitoring the banking profession and directing its activities in accordance with the provisions of section IV of this Law through the Central Bank of Syria.

f. Conducting the necessary surveys and studies related to his or her duties or assigned to them by the executive branch.

g. The task of consulting the Government of Finance and in this capacity provides the views it considers appropriate on matters relating to its terms of reference and is consulted by the Government on measures and matters related to the financial, monetary and banking situation of the Syrian Arab Republic.

h. Exercise other powers and tasks set out in the laws and regulations in force.

Article 2:

a. The Monetary and Credit Board shall be composed as follows:

1. Governor of the Central Bank of Syria.

2. First Deputy Governor of the Central Bank of Syria, Deputy President.

3. Second Deputy Governor of the Central Bank of Syria. Member.

4. Associate Minister of Economy and Foreign Trade.

5. Associate Minister of Finance.

6. Associate Minister of Agriculture and Agrarian Reform.

7. Associate Minister of Industry, Member.

8. Head of State Planning Authority. Member.

9-Three experts in the affairs of cash, credit and banks. Members.

b. The Governor and Deputy Governor of the Central Bank of Syria shall be considered to be members of the Council. The other members shall be nominated by decree upon the proposal of their ministries and their representatives and, in the selection of experts, shall be recognized as being of recognized knowledge, practical experience and know-how.

c. The President and members of the Council shall exercise the functions entrusted to them objectively and in full impartiality.

d. Members of the Monetary and Credit Board shall not be entitled to be members of the board of directors of any business or commercial nature except international financial institutions or local financial institutions subject to the administration of the State, nor are they entitled to be responsible in any capacity that has been managed Private enterprises of a commercial nature.

e. The compensation of the President of the Council, his deputies and other members shall be determined by decree upon the proposal of the Minister of Economy and Foreign Trade without complying with the maximum controls and limits provided for in the law.

Article 3 The Council may call upon the experts and call for its meetings in a consultative manner and for the purpose of all persons who are of the opinion to be of interest in the performance of its mission and shall be compensated by the Council and issued by decree upon the proposal of the Minister of Economy and Foreign Trade.

Article 4 The judgement and decisions of the Board are considered confidential.

Article 5 The Central Bank of Syria is the secretariat of the Council.

Article 6 The Secretary of the Syrian Central Bank exercises the duties of the Secretary of the Board of the Monetary and Credit Council and communicates the decisions of this Council to the relevant bodies.

Article 7:

1. The Council/within the limits established by this Act shall have powers in the performance of its functions.

2. Departments, public bodies, finance and credit institutions and public and private banking institutions should provide the Board through the Central Bank of Syria with all the information it requests and for which it deems necessary for the performance of its functions.

3. The Council shall establish its rules of procedure.

Article 8:

1. The Council shall meet at least once a month, as convened by its President or at the request of at least three of its members.

2. The deliberations of the Board shall be considered legal only in the presence of the majority of its absolute members and decisions shall be taken by a majority of the votes of the members present unless otherwise provided by this law and by the President at the equivalent of the votes.

3. The decisions taken at the Monetary and Credit Council report to the Minister of Economy and Foreign Trade, and the Minister has the right to suspend the execution of any decision he sees contrary to the interest of the State for a maximum of seven days, during which the decision will be reviewed to the Council and if the differences in viewpoints continue to be different. The Minister of Economy and Foreign Trade introduced the subject in an urgent way to the Cabinet to decide on it promptly.

Article 9:

1. In addition to the other duties imposed by this Act, members of the Monetary and Credit Board are prohibited from disclosing any of the information they are informed of by virtue of their functions unless they are invited to testify before the judiciary.

2. This prohibition applies to persons and workers employed by the Council to perform its mission for any purpose.

3. It is prohibited for experts from the Board of Cash and Credit during their membership in the Council and for a period of two years after they have completed to preside over the board of directors or members of any of the banks or financial institutions under the supervision of the Council or to accept any work that they have, no matter what kind.

4. Those who violate the provisions of this article shall be subject to legal accountability and shall be subject to the penalties provided for in the laws in force.

Article 10:

1. The Monetary and Credit Board shall submit the information requested by the Minister of Economy and Foreign Trade, as well as every three months, to report on the implementation of its mission and the monetary and banking situation in the Syrian Arab Republic as well. The Council may submit reports to the Minister when necessary and must The periodic report outlines the situation in all its manifestations, in particular:

a. Credit operations for all economic sectors.

b. Credit operations for public administrations and institutions.

c. Development of cash coverage.

d. Development of exchange market conditions.

2. There are suggestions about the current situation and the needs of the national economy.

3. Except for scientific studies, the Council may publish nothing of its work unless the law is published or approved by the Minister of Economy and Foreign Trade and, with the exception of its President, the members of the Council are prohibited from making any statement relating to the work or deliberations of the Council.

Article 11 The Central Bank of Syria shall bear all the expenses of the Council as well as the compensation of its members and consultants used by the Council in accordance with the provisions of Article 3 of this Law.

Part two.

The money.

Section I

General provisions

Article 12:

1. The Syrian Exchange Standard Unit is the Syrian pound and is referred to as a crafts/l. S.

2. The Syrian pound is divided into 100 sharks and the shark is literally referred to as a shark. S/

Article 13:

1. Taking into account the provisions of the International Monetary Fund Convention, its amendments and the international and Arab monetary agreements concluded or acceded to by the State, the exchange system and the foreign exchange rate of the Syrian Liberation Organization shall be determined by a decision of the Council of Ministers, based on the proposal of the Monetary and Credit Council and the Minister Economy and foreign trade.

2. Foreign exchange rates shall be determined on the basis of their prevailing exchange rates in world markets and the exchange rates of non-convertible currencies shall be determined by the Monetary and Credit Council by decision.

Article 14:

1. The issuance of banknotes, gold and official silver and coins shall be issued exclusively to the State and shall be exercised by the Central Bank of Syria in accordance with the provisions of this Law.

2. The Central Bank of Syria shall be exempted from all taxes, fees and financial costs of any kind in respect of the import and contracts of the articles mentioned in paragraph 1/1 of this article, as well as all machines, tools and devices used for counting, screening and testing and costs arising from their storage and its transmission and preservation and all devices related to its payment and trading operations.

3. The penalties provided for in the laws in force shall be applied against or attempting to breach the said privilege.

Section II

Cash

Article 15:

1. Cash papers under this Act shall be considered to be the cards of the bearer of Syrian pounds issued by the Central Bank of Syria to implement the provisions of this law.

2. These papers shall have the status of legal circulation and an unspecified disclaimer for the payment of all public and private debts.

Chapter I

Issuance, trading and withdrawal of banknotes

Article 16:

1. The banknotes may be issued from the following categories/TL/LYRE/5 LY/10 liras/25 liras/50 liras/100 liras/500 liras/500 liras/.

2. The papers are signed by the Minister of Economy and Foreign Trade and the Governor of the Central Bank of Syria.

Article 17:

1- The measurements of the banknotes, their fees, colors and all their exports are determined by the decision of the Minister of Economy and Foreign Trade based on the proposal of the Central Bank of Syria.

2. The banknotes shall be placed in circulation by decision of the Minister of Economy and Foreign Trade based on the proposal of the Central Syrian Bank Management Committee.

Article 18:

1. The Central Bank of Syria withdraws from circulation the banknotes that, in its opinion, no longer meet the technical conditions that make it valid for trading.

2. Incomplete or distorted banknotes may be altered if the following three conditions are in combination.

a. The leaf area for replacement is more than three-fifths of the original paper.

b. The paper contains the two signatures imposed under article/16/full.

c. The paper contains a full serial number.

Apart from the conditions set out above, incomplete or distorted leaves are withdrawn without any payment to the bearer unless it is proven to the Central Bank of Syria that the distortion was caused by force majeure.

3. The Central Bank shall not be liable in any form for the loss of any amount of banknotes traded in the hands of the public, banks or public funds or stolen.

Article 19:

1. One or more categories of banknotes are withdrawn or replaced by decree on the recommendation of the Monetary and Credit Board and the proposal of the Minister of Economy and Foreign Trade.

2. This decree shall limit the period of change, which cannot be less than three months unless there is a necessity in the rush of withdrawal. This deadline may be reduced by less than seven days.

3. The decree will be broadcast to the public by all appropriate means of dissemination.

Article 20:

1. The papers that are not submitted to the switch before the expiration of the deadline will lose their power and come down from circulation. The Central Bank of Syria, in its position in Damascus within five years of the period of withdrawal, will pay the value of the papers to be paid for the switch without receiving any expense.

2. The expiration of the five years shall apply to the statute of limitations for papers that are not submitted for replacement and return to the Central Bank.

Chapter II

Cash coverage

Article 21:

1. No cash may be issued unless it has been offset by an equivalent increase in the assets of the following Central Bank of Syria:

a. Gold.

b. Mutaleb in foreign convertible currencies.

c. Mutaleb in Syrian pounds resulting from credit operations for all economic sectors.

d. Short -, medium-or long-term public names issued or guaranteed by the State, as well as advances and loans similar to those of the listed bracket.

2. That the proportion of foreign gold and foreign currency convertible in coverage shall be at least 40 per cent of the total coverage component.

3. In applying the provisions of this chapter, the total obligations of the Central Bank of Syria under demand are similar to that of exported cash.

Gold cover:

Article 22:

1. Only holdings composed of gold or gold bars may be accepted in the gold cover.

2. The Cabinet of Ministers shall be appointed upon the proposal of the Minister of Economy and Foreign Trade, where the gold metal must be deposited in the coverage.

Article 23:

1. The Central Bank of Syria restricts the gold holdings in the cost or market price coverage that are lower.

2. The purchase prices are determined on the basis of the globally announced price.

3. The Board of Cash and Credit shall determine the sale prices of gold holdings in accordance with the globally announced price, taking into account the costs of the sk and the historical value increments of the Scots.

II - Foreign exchange coverage:

Article 24:

1. Only the following assets may be accepted for foreign currency coverage.

a. Foreign convertible banknotes.

b. Assets in foreign currencies that are transferable to international and governmental institutions and foreign banks in an account under request or for no more than one month.

c. Certificates of bank deposit in foreign currency convertible currencies not exceeding one year.

d. Commercial names for the order in foreign currencies that are transferable and withdrawn from Syria on the outside and that do not exceed their entitlements. / 120 / A day and secured by three autographs, one of them is a banker.

e. All application names are under the demand for foreign currency convertible and due and generally used in international transfers of funds.

The intermediate and short-term names issued by States or from the official Arab and international financial institutions or guaranteed by the States or entities mentioned with the approval of the Monetary and Credit Council and the fact that these names enjoy a global credit rating of excellent degree.

2. The Monetary and Credit Board appoints the types of foreign convertible currencies that can be accepted in the coverage and determines the degree of credit rating of the papers allowed to be accepted in the coverage and determines if necessary the maximum amounts for each type.

3. In a private field, the assets in foreign convertible currencies are recorded in the coverage.

Article 25:

1. The Central Bank of Syria shall restrict the convertible currencies placed in the coverage at the price of their exchange specified in accordance with the provisions of the article. / 13 / from this law on the date of purchase.

2. The sale and purchase prices of foreign convertible currencies may not vary with Syrian pounds for the stated exchange rate except within the limits appointed by the Monetary and Credit Council.

Article 26. The profits and losses resulting from the emergency adjustments to the stated exchange rate of foreign currency convertible currencies in the coverage or for any compelling reasons shall be transferred to the State.

III - The spectrope resulting from the credit operations.

Article 27:

1. Coverage from credit operations to all economic sectors may be accepted only by the following assets:

First ... / Al-Sattatj and all other commercial names liberated for the order in Syrian pounds.

II / Loans and advances in Syrian pounds, which are due for a limited period of time, to meet the following:

a. Haunted gold or gold bullion.

b. Short, medium or long general names issued by the State or guaranteed by the State and all public names accepted by the Monetary and Credit Council and approved by the Minister of Economy and Foreign Trade.

c. Fattage and commercial names.

d. All in-kind values accepted by the Monetary and Credit Board and summarized by receipts from public stores / Warrant. / And the goods.

2. It shall only exceed the maturity of the Sphatg and the commercial and commercial names expressed in the paragraph / 1 / Item / First ... (/) 120 / days at most as of the day of submission and shall not exceed the duration of the advances and loans expressed in the paragraph / 1 / Item / II / 120 / Day.

A decision may be made by the Monetary and Credit Council to extend the contract for the exchange, the commercial names, the duration of loans and the advances to / 300 / A day if it related to industrial or agricultural credit operations or to exporting Syrian agricultural or industrial products abroad.

Article 28:

1. The atavage and commercial names provided for in the item must be carried / First ... / From paragraph / 1 / Article / 27 / Initial three signatures are full.

2. Two signatures may be replaced by a signed signature by the State.

3. A mortgage provided for in the paragraph may / 1 / Item II / a / and / B / and / C / and / d / From Article / 27 / The place of signing one or two signatures in accordance with the conditions and conditions set by the Monetary and Credit Council in order to be approved by the Minister of Economy and Foreign Trade.

Article 29:

1. Loans and advances referred to in the article must be / 27 / Guaranteed by a signature full of origin was an extra mother.

2. The Monetary and Credit Board shall determine which cases may exceptionally be substituted for the foreclosure of the substance / 27 / With two full signatures.

Article 30. The Monetary and Credit Council would set up a system to be ratified by the Minister of Economy and Foreign Trade, in which he determines the following.

a. Assets to be taken into account in order to accept the cash coverage, commercial names, advances and loans in the materials / 27 / 28 / and / 29 / .

b. Types of goods and materials that are mortgage and the proportion to be downloaded from their obituable value.

c. The general and the percentage of their nominal or boblet values to be downloaded.

d. The price in which the gold is accepted upon its mortgage.

Article 31. The Central Bank of Syria restricts the commercial commercial banks referred to in the article. / 27 / According to its nominal value.

Article 32. Subject to the provisions of article / 27 / and the following materials and the observance of Law No. / 177 / A year. / 1958 / At the industrial bank and ... Legislative Decree No. / 29 / A year. / 1966 / And his modifications. By law. / 11 / A year. / 1975 / The real estate bank. Legislative Decree No. / 141 / A year. / 1970 / Rate By law. / 27 / A year. / 1990 / The Cooperative Agricultural Bank may be placed in coverage within the limits and time limits appointed by the Monetary and Credit Board and loans and advances granted to government credit institutions on condition.

a. The ratio of loans in excess of one year shall not exceed one percentage of the total loans and advances that the Central Bank agrees to grant to any bank to determine this ratio for each bank by the Monetary and Credit Board depending on the nature of the funded activity.

b. To mortgage such loans and advances to such loans and advances that deserve such loans and advances within their time limits, and that the Central Bank of Syria will replace these institutions in all the rights related to these demands.

c. The nominal value of the encumbered request shall increase the amount of the loan or advances granted at least one third of it.

d. These documents shall be documented in real estate or any other in-kind security accepted by the Monetary and Credit Board.

Article 33. The Monetary and Credit Council, according to the requirements of the economic situation, determines the following.

a. The maximum amount of discount operations on the one hand and the operations of loans and advances, on the other hand, and, if necessary, the distribution of such operations between the various economic fields and the Council shall also determine the distribution of the ceilings for such operations between banks.

b. Interest rates on discount operations, loan operations and advances and general conditions.

IV - Public names, loans and similar advances.

Article 34. Coverage from general credit operations shall only be accepted by the following modes:

1. The debt of the frozen State is suspended on the date of force of this Act.

2. An interest-free advance granted to the Ministry of Finance to provide cash to the treasury within an amount not exceeding twenty per cent of the estimated budget imports for the current session under the following conditions:

a. This advance exceeds five actual imports for the past cycle.

b. This advance will be paid before the end of the third quarter of the current financial year.

3. The issuing of the exported treasury or which may be issued by the State pursuant to the guarantees provided for in articles 6/and/66 of this Law and shall be useless without benefit.

4. State treasury bills to be issued by the International Monetary Fund, the World Bank, Arab and international financial institutions and regional institutions that are established by law as well as the contributions of the State to the capital of Arab and international companies ratifying their agreements or contracts. Establishing it with a legislative instrument.

5. Authorisations and the security of the treasury when necessary for the public interest, economic and social development requirements, and the names of loans issued by the State or guaranteed by them, provided that such permits or names are issued by a legislative instrument.

6. Actors signed by owners and beneficiaries of irrigation projects and freed by them for the recovery, improvement or sale of the costs resulting from irrigation and land reclamation in such projects as a mortgage or any other in-kind guarantee accepted by the Monetary Council The credit and the credit board appoint the maximum amount of sums that may be used under this paragraph.

Article 35. The general names placed in the coverage shall be recorded at the price of purchase if the price is equal to or less than the value of the payment and shall be credited if the purchase price is overpaid.

Section III

Money and gold and official silver.

Article 36:

1. Taking into account the provisions of Article 14, the coins and gold and silver coins shall be limited to the Central Bank of Syria.

2. The Golden or Silver Exchange shall not have the status of legal circulation unless a decree is issued on the proposal of the Monetary and Credit Council otherwise.

Article 37:

1. The cash and gold and silver coins are being held on the basis of the proposal of the Monetary and Credit Council and the approval of the Minister of Economy and Foreign Trade.

2. By decree issued on the recommendation of the Monetary and Credit Council, the Minister of Economy and Foreign Trade proposed the type of gold and silver coins, their calibre, weight, measures, tolerance and other descriptions, and the maximum amounts required for each category.

3. Gold and silver coins shall be placed in circulation by decision of the Minister of Economy and Foreign Trade on the basis of the proposal of the Monetary and Credit Council.

Article 38. The costs of buying and selling minerals and other additional costs lie with the Central Bank of Syria.

Article 39. The Central Bank of Syria makes gold and silver coins in circulation, according to the rules set by the Minister of Economy and Foreign Trade based on the proposal of the Monetary and Credit Council, including those relating to sk expenses and other expenses and commissions based on receiving it from buyers. Pure gold or pure silver is equivalent to at least the weight of the pure gold or pure silver specified under Article 37/for the gold or silver money he gives up.

Article 40:

1. The gold or silver coins and coins are placed in circulation only after the verification of their calibre and weight.

2. A protocol of control shall be deposited with the operations of the sk Central Bank of Syria and shall be deposited with the pieces used in this audit.

Article 41:

1. Any piece in which the legal calibre is available shall be considered valid and the tolerance in weight is identical to the provisions of the article / 37 / ???

2. Gold or silver pieces that become invalid due to friction and use, or on account of why they have been cut, their teeth wiped out, added or placed on them, pierced, pierced, or washed with highly influential chemical fluids or, in general, may change or be distorted Its shape is broken by secretaries of state funds or by a Syrian central bank and returned to its owners.

3. Fake or counterfeit pieces are seized, confiscated and regulated by a seizure protocol and sent to the Prosecutor's Office for prosecution in accordance with the provisions of the laws in force.

Section IV

Cash from small groups

Article 42. Cash from small groups means coins from non-precious metals issued by the State in accordance with the provisions of the law.

Article 43. Tsk from small groups with a cut of 25 piasters. / 50 piasters. / 100 sharks. / Leterine. / Five liras. / Ten liras. / 25 Syrian pounds. / .

Article 44:

1. Cash from small groups shall be legally traded and shall have the power to pay debts and obligations within the following ceilings:

a-50 / 50 / Syrian pound to cut from both categories / 25 / Twenty-five and ... / 50 / 50 piasters in Syria.

b-A thousand Syrian pounds for the class of 100 Syrian sharks.

c-Alfa Syrian pound for parts from the group of two Syrian pounds.

d-5,000 Syrian pounds per class of five Syrian pounds.

-- 10,000 Syrian pounds for a class of ten Syrian pounds.

f-Twenty-five thousand Syrian pounds for cutting from the 25 Syrian pound category.

2. However, State funds, Central Bank of Syria funds and bank funds registered in accordance with Part IV of this Law do not have the right to refuse the arrest of small money exceeding the limits specified above and must accept small pieces of different categories without specifying in The quantities, whether to swap them with banknotes or to pay their debts.

Article 45:

1. Small money shall be carried out by the Central Bank of Syria based on the proposal of the Monetary and Credit Council and the approval of the Minister of Economy and Foreign Trade.

2. It shall be determined by decision of the Minister of Economy and Foreign Trade based on the proposal of the Monetary and Exchange Board, the coins, calibre, weight, standards, tolerance and other descriptions of the small categories of cash, the proportion of their other descriptions and the maximum amounts required for each category.

3. Small money categories shall be placed in circulation by decision of the Minister of Economy and Foreign Trade on the basis of the proposal of the Monetary and Credit Council.

Article 46. The Central Bank of Syria bears the expenses of purchasing small money minerals, their expenses and all the additional expenses, as well as the expenses of their circulation and all expenses of their administration.

Article 47:

1. The Central Bank of Syria puts money from small groups in circulation according to the need.

2. The bank in special account shall constrain the nominal value of the quantities put in circulation and the nominal value of the amounts withdrawn from circulation.

Article 48:

1. The Central Bank of Syria withdraws circulation of cash from small groups which, in its opinion, are no longer satisfied with the technical requirements that make them valid for trading.

2. Withdrawn from circulation without compensation for holders of small coins that have lost their mark, have been cut, disinfected, received, responded, pierced or washed with chemical liquids, Shuhut, or changed shape.

Article 49:

1. The Minister of Economy and Foreign Trade may decide to withdraw one or more small pieces of money and alter them on the basis of the proposal of the Monetary and Credit Council.

2. This withdrawal decision shall limit the period of change, which shall not be less than six months upon the proposal of the Monetary and Credit Council.

3. The coins that are not submitted to the Switch prior to the expiration of the time limit lose their abraic force and come down from circulation and return to the central bank for final value.

Article 50:

1. The penalties provided for in the laws in force prohibit the sale and purchase of coins from small groups, which have legal circulation in Syria at a price greater than their nominal value or meet any additional amount, as well as prohibiting their melting or changing their exports by any means.

2. The Minister of Economy and Foreign Trade may lift this prohibition by a reasoned decision.

Section III

Central Bank of Syria

Section I

General provisions

Article 51:

1. The Central Bank of Syria is a public institution with financial and administrative independence, which implements the monetary policy established by the Monetary and Credit Council and operates under the supervision and guarantee of the State and within the general directions of the economic policy adopted by the Council of Ministers.

2. The Central Bank of Syria has legal personality and is considered a trader in its relations with others and conducts its operations and accounts in accordance with banking norms and standards and international standards and is not subject to the laws and regulations of the State.

3. The Central Bank of Syria is allowed to use the emblem of the State based on its commercial address.

Article 52:

1. Syrian Central Bank Centre, Damascus.

2. The Central Bank of Syria shall open branches or agencies in all places where it is needed.

Article 53. The capital of the Central Bank of Syria is set at 10 billion Syrian pounds, which the state has subscribed to as a whole.

Article 54. The statute of the Central Bank of Syria is issued by decree on the proposal of the Monetary and Credit Council and the approval of the Minister of Economy and Foreign Trade.

Section II

Purposes of the Syrian Central Bank

Article 55. The Central Bank of Syria exercises the privilege of issuing criticism in accordance with the provisions of Part II of this Law and assumes all the functions provided for in the aforementioned section.

Article 56:

1. The Central Bank of Syria is the State Bank and exercises its duties in the territory of the Syrian Arab Republic and beyond.

2. The State may charge the Central Bank with the law on issuing short, medium or long treasury bonds and their alterations and payments within the conditions established by the Council of Ministers and, in general, for other financial acts related to loans issued or assigned by the State, and the bank contributes In the foreign loan negotiations held to the detriment of the State or the State in the negotiations mentioned under the conditions set by the Minister of Economy and Foreign Trade, he also assists the Government and its representatives in their relations with financial organizations of an international character.

Article 57.

The Central Bank of Syria shall undertake the banking operations of the State or its institutions, which are subject to special legal provisions and in accordance with the provisions of these laws and the guarantee of the State.

Article 58:

1. The Central Bank of Syria shall manage the office of the pieces.

2. Each member of the Department of the Parts Administration shall receive monthly compensation determined by decree upon the proposal of the Minister of Economy and Foreign Trade without complying with the maximum controls and limits set forth in the laws in force.

3. It shall contribute to the negotiations of the international agreements on payments, cutting and reducing, and shall be mandated to implement them and shall hold all applicable agreements necessary for the implementation of the agreements mentioned.

4. These agreements are being implemented to the detriment of the State and its public institutions of an economic nature, which take on all losses, expenses, commissions, benefits and burdens of any kind that would guarantee the Central Bank of Syria to pay all losses and other losses incurred by the Central Bank of Syria. The bank is in this way, and it also ensures that any open appropriation that the bank opens in the Syrian currency or any advance granted in this currency to implement these agreements and within the limits stipulated in it, and in return for this guarantee, allows the Ministry of Finance to be issued to the detriment of the state, which will depend on the treasury to mortgage it. The Central Bank of Syria is within an amount that does not exceed the value of the advances or credits provided for in the agreements.

Article 59:

1. The Central Bank of Syria is entitled under a decision of the Council of Ministers based on the proposal of the Monetary and Credit Council and the approval of the Minister of Economy and Foreign Trade to regulate, if necessary, the work of the Bank and other financial institutions that are subject to the control of the State or enjoy its guarantee.

2. It is also entitled to provide exceptional facilities when necessary on the basis of the proposal of the Monetary and Credit Council and the approval of the Minister of Economy and Foreign Trade.

Section III

The Central Bank of Syria

Article 60:

1. The Central Bank of Syria shall carry out the following actions.

a. Conduct all foreign gold and currency operations.

b. Discount, purchase and abandonment of the commercial and commercial names and the granting of loans and advances to various economic activities.

c. Short-term discount or guarantee of short-term names issued by the State.

d. Purchase, guarantee and abandonment of medium-and long-term names issued by the State and to carry out the operations of the repurchase of bonds / Ribbo.

e. Grant loans and advances for the items shown in the items / C / and / d / Above.

f. Grant or bail out loans and advances to the State.

2. All the work described above shall take place within the conditions and limits set forth in Part II of this Law.

3. The actions provided for in the paragraph cannot be made / 1 / B / This article is subject only to the banks, and this provision may be exceeded and that such acts may be carried out through banks only by decision of the Council of Ministers on the basis of the proposal of the Monetary and Credit Council with the majority of its absolute members.

Article 61. As well as the work observed in the article / 60 / To the Central Bank of Syria.

1. To conduct all cutting operations with the outside and to obtain credits from abroad for guarantees or without them, to grant credits and to return or mortgage their overseas papers and to ensure the safety of the implementation of such papers and their discounts and credit.

2. To accept the deposit of funds into accounts that are open to it and to determine which the Monetary and Credit Board is allowed to open such accounts.

3. To accept deposits of asnd, movable values, money and precious metals.

4. To kill me on the proposal of the Monetary and Credit Council and the approval of the Minister of Economy and Foreign Trade, which represents the capital of financial institutions subject to special legal provisions, or placed under the guarantee or control of the State, provided that the total value of such investments is increased with the assets of the real estate bank. The capital of the bank plus reserves and depreciation.

5. To grant funds abroad on the basis of a legislative instrument to finance the export of Syrian agricultural or industrial products in accordance with the following conditions and conditions.

a. The approval of the Monetary and Credit Council by the absolute majority of its members.

b. The legislative instrument shall designate the maximum possible appropriation for the foreign country, its maximum duration and the manner in which it is paid.

c. apply in respect of appropriations in this paragraph to the provisions of the paragraph / 4 / From Article / 58 / of this law and the provisions of laws on controlling criticism and dealing in foreign convertible currencies.

Article 62. The Central Bank of Syria has to conduct all operations that would facilitate the transfer of money and to establish or co-founded liquidation or clearing offices.

Article 63:

1. It is forbidden for the Central Bank of Syria to conduct any operation that is not provided for by the articles. / 60 / and / 61 / and / 62 / .

2. The Central Bank of Syria has to own property that its directorates and branches need.

3. It also has to accept mortgage, mortgage or other real estate and other funds to guarantee its questionable or delayed payment, and for the same reasons it can own the real estate and the funds to which it is anchored in the result of the compulsory sale and the Central Bank of Syria must describe it. The real estate and the funds acquired by the methods mentioned within two years of the date of acquisition unless they are permitted under this Act may be extended by the decision of the Minister of Economy and Foreign Trade to extend the aforementioned period.

Article 64:

1. While retaining all existing or future provisions that are more favoured for the benefit of dependent creditors, the Central Bank of Syria is entitled to follow the assets described below in order to obtain the value of the acceptable mortgage to ensure its application.

2. If the bank is not reimbursed at maturity, the bank is entitled to sell the mortgage after the expiration of fifteen days on the notice of the debtor's notice of the writer's mediation, and it cannot preclude any objection from the fact that the right of the bank does not prevent it from carrying out all other traces of the debtor's right to the debtor. All of its capital is reimbursed from capital, interest, commissions, and expenses.

3. A decision of the President of the competent implementing service shall be sold at the request of the bank and without the need to invite the debtor.

4. The sale shall be made in the financial markets for the price of the bracket, the material and the unpriced material, which is sold through an authorized intermediary or expert at the place, day and hour fixed by the judge and leaves the judge to estimate the necessity of advertising or publication in the newspapers when needed.

5. Reimbursement will be made directly and without any other procedure by the bank.

6. If the sale exceeds the value of the debt from capital and interest, the surplus in the bank is put at the disposal of the debtor for a period of three years. If the term expires and the debtor does not claim this surplus, the surplus will be paid to the public treasury, which holds it to account for all of the right and thus the bank is innocent in all edema. These.

7. In order for the bank to apply its own assets in all paragraphs of this article, it must be holders of a loan or, prior to that, written approval by the lender of all texts of this article.

Article 65. Upon review by the Central Bank of Syria, the Central Bank of Syria is exempted from the provision of bail and advances in all circumstances that the law requires the parties to submit.

Article 66. The provisions of Part II of this Law concerning the General Assadis and the advances and loans are not applicable to the Al-Asnaid Group, which is held by the Central Bank of Syria and which represents its capital, reserve funds and accounts relating to the depreciation.

Article 67. The State shall provide adequate guard to all buildings of the Central Bank and its correspondent buildings in the governorates and protect them by all appropriate means and shall be provided free of charge for the safety of the transfer of funds and values.

Section IV

Board/Administration/Control

Article 68:

1. The Monetary and Credit Council runs the Central Bank of Syria.

2. To manage the work of the Central Bank of Syria with the assistance of the Committee l Dar. ???

3. The Central Agency for Financial Control is checking the limitations of the Central Bank of Syria and its accounts within the provisions of its law with the obligation to maintain the confidentiality of the bank accounts and documents.

Article 69. The Governor is appointed and terminated and his salary and compensation are determined by decree.

Article 70. The Committee Administration The governor is president, four directors and a representative of workers named by the executive office of the General Confederation of Trade Unions.

Article 71:

1. The Minister of Economy and Foreign Trade calls the supervisors of supervisors on the proposal of the Governor.

2. The members of the Management Committee shall receive monthly compensation determined by decree upon the proposal of the Minister of Economy and Foreign Trade without complying with the maximum controls and limits set forth in the laws in force.

Article 72. Two of the supervisors, two deputy directors, one deputy governor, one deputy and the other, are called the second deputy, by a decision issued by the Minister of Economy and Foreign Trade and on the Governor's proposal.

Article 73 The Governor or the supervisors shall not be entitled to be members of the board of directors of any commercial or commercial company except for financial institutions subject to the administration of the State and the Arab and international monetary, banking and financial institutions.

Article 74. The Governor, the directors of supervisors or the members of the Monetary and Credit Council do not have any personal responsibility as a result of the obligations or obligations of the Central Bank of Syria and are only asking for the execution of the tasks assigned to them under the provisions of this law.

Article 75. Taking into account the other provisions provided for in this Act, the Monetary and Credit Council exercises the following powers:

1. The Board shall, on the proposal of the Management Committee, establish the rules of procedure of the bank, branch regulations, discount committees and the bond repurchase system / Ribbo. / All these regimes are subject to ratification by the Minister of Economy and Foreign Trade.

2. The numerical owners of the bank shall be established by the Board on the proposal of the Management Committee and issued by decree.

3. The proposals to establish branches shall be decided upon.

4. Sets interest rates on discount, lending, credit and repurchase / Ribbo. / Their terms are appointed.

5. Decides how to employ private bank funds representing the accounts of capital, reserve and depreciation.

6. To consult or use a specialized agency / Local or external / In matters related to bank accounts.

7. Approves the expenditure balance on the proposal of the Management Committee and shall examine and approve the annual budget after it has determined the amounts allocated for depreciation and extinguishing, as well as the annual report on the work of the Bank.

8. He may, in particular, delegate to the Management Committee some of his powers.

9. Pending the formation of the Monetary and Credit Council or when it is dissolved or not convened for any reason, the Central Syrian Bank Administration Committee has raised its proposals on matters and topics within the powers of the Monetary and Credit Council to the Minister of Economy and Foreign Trade to make appropriate decisions on them. Decisions of the Minister in this case shall be considered final, unless the decisions taken pursuant to this Act shall be submitted to the Cabinet of Ministers and shall be regarded as a proposal by the Minister.

Article 76:

1. The Management Committee shall assist the Governor in the performance of its mission.

2. The Management Committee shall deliberate and rule on all issues within its jurisdiction under this Act, the statute or the internal regulations of the bank.

3. The Management Committee shall set out the general rules for the examination of applications for rededuction, loans and advances to the bank, which is the last reference for the determination of the acceptance or rejection of such requests.

4. The Management Committee has the right to conduct reconciliations and reconciliations with any destination.

5. In an emergency case and after the approval of the Minister of Economy and Foreign Trade, the Management Committee is entitled to change the rates of discount, advances and loans and their conditions to be subsequently submitted to the Monetary and Credit Council, which must be invited to meet in the shortest possible period.

Article 77:

1. The Governor is administered by the Governor of the Central Bank.

2. He chairs the Management Committee.

3. Decisions of the Monetary and Credit Council and the Management Committee are implemented.

4. The laws, statutes and other regulations of the Basic Bank shall be taken into account.

5. Personnel are managed and appointed to be upgraded, transferred and terminated in accordance with the system of employees of the State.

6. The Bank is brought before the judiciary and is represented by the bank.

Article 78. Subject to the provisions of article / 68 / The expenses of the Central Bank of Syria and its accounts are subject to scrutiny by the Central Agency for Financial Control in accordance with the provisions contained in the Law on the Organization and the Bank has the right to use one of the specialized agencies. / Local or external / In checking his accounts with the approval of the Monetary and Credit Board.

Section V

Budget

Distribution of dividend funds

Article 79:

1. Stop and monitor the accounts of the Central Bank of Syria on 31 December of each year and regulate an inventory of movable and immovable values, its assets and debts with an addendum containing a summary of all of its obligations.

2. The general budget shall be governed by the same date and the calculation of profits and losses.

3. These statements are presented to the Monetary and Credit Board and approved by the Board.

Article 80. The general budget and the calculation of profits and losses before the first March of the following session shall be submitted to the Central Financial Supervisory Service for approval following scrutiny, in accordance with the provisions of the Law on the Organization.

Article 81. The net profits of the bank consist of providing the public budget after downloading administration, business, depreciation, supplies, surveillance, auditing, and social burdens of various types.

Article 82:

1. No more than one percent of the salary and remuneration mass of the total net profits contained in the annual budget of the bank shall be allocated and disbursed to those employed in banking, on the proposal of the Management Committee, on the basis of the volume of responsibilities and in accordance with performance criteria In addition to the amounts necessary to cover the obligations of all acquired workers' rights related to health and social security and transportation expenses, as well as incentives and incentive rewards established under the laws in force and allocated, The balance for the replenishment of the reserve fund until the assets of this Fund reach half of the capital of the Central Bank of Syria and after The reserve shall be reported to the State to return to the State the balance of the net profits mentioned after it is deducted 10 percent annually to be allocated to feed the reserve fund account until its assets reach an amount equivalent to the capital of the Central Bank of Syria.

2. The compensation of the nature of the work, competence and responsibility of the categories of employees of the bank shall be determined by decree upon the proposal of the Minister of Economy and Foreign Trade.

Article 83. The Basic Bank system determines how to use its turnkey funds representing its capital, reserve funds and depreciation-related accounts.

Article 84:

1. The bank's annual budget and accounts are published His profits. His losses and the annual report on his work are in the official gazette and in three local newspapers before the 30th of June, which follows the closing of the session.

2. Furthermore, the Governor submits a monthly comparative statement to the Minister of Economy and Foreign Trade on the status of the Bank on the fifteenth of each month.

3. The statement is published in the Official Journal following the approval of the Minister of Economy and Foreign Trade.

Section IV

Banking and banking profession

Section I. Coverage of this section

Article 85:

1. The provisions of this section are subject to the banks of the public sector and private and joint banks, which normally accept the demand for deposits under demand and for savings deposits to be invested in bank operations for their own account.

2. Special banking processes specified in the article / 12 / The law. / 28 / A year. / 2001 / M.

3. It is also a bank operation to purchase, sell and discount treasury bonds and bills and their holdings and to exercise the operations of the bond repurchase system / Ribbo. / .

4. Banking operations are also considered to be the practice of buying and selling shares and bonds of companies whose shares are on public subscription, as well as other securities that are allowed to be traded in the Syrian Arab Republic, in accordance with the controls and ratios established by the Central Bank of Syria.

5. Banks are allowed to do in their interest, in the interest of others, in the Syrian Arab Republic or abroad, in all financial and banking services, discount and credit operations, and to issue the bail set out in the item / 13 / From paragraph / a / From Article / 12 / In law. / 28 / A year. / 2001 / This is in accordance with the provisions of the articles in force and within the limits and conditions set by the Monetary and Credit Council.

Article 86. It is also subject to the provisions of this section of the law, especially the licensing and supervision, as well as the rules, regulations, rules and conditions established by the Monetary and Credit Council, and the Minister of Economy and Foreign Trade is authorized by the following institutions:

1. Banking and financial institutions that are in addition to the banking business set forth in the article / 12 / Law no. / 28 / A year. / 2001 / And stuff. / 85 / From this law the following operations:

a. Management of funds, property and investment portfolios for the benefit of others.

b. Provision of advice and assistance in the financial management of enterprises and, in general, the provision of services to facilitate the establishment and development of institutions.

c. Recruitment processes in investment projects based on financial lease formats for enterprises and productive companies eligible for this type of loan. Such operations should be capped by the Monetary and Credit Board at a percentage of confirmed medium-and long-term resources.

d. Leverage for different maturities for issuing negotiable bonds.

2. Banking institutions that:

a. Provision of banking services based on modern electronic communications systems.

b. Banking in Islamic banks.

3. Bank representation offices of non-Syrian banks.

Article 87. The provisions of this section of the Act are also subject to the limits and conditions established by the Monetary and Credit Council, which is subject to the date of entry into force of this Act.

Article 88. Financial institutions and cooperative companies whose work is limited to receiving funds from their branches and their members to focus the management of such funds on the condition that they are not routinely used in banking operations with non-branches and members are not subject to the provisions of this Act.

Article 89. Banks operating in the free zones are subject to their own regulations and are subject to the provisions of the banking supervision provided for in this Act.

Section II

Licensing, registration and control

Article 90. Licensing decisions for private and joint banks are issued in the bank register with the Central Bank of Syria. / Government Commission to Banks / By provisions The law. / 28 / A year. / 2001 / .

Article 91:

1. The bank may be removed from the bank register in one of the following cases

a. At the request of the relevant bank.

b. If the bank does not initiate its business within one year from the date of its registration in the bank register.

c. If it is suspended without the prior approval of the Monetary and Credit Council, despite its warning to follow up its activity within the period established by the Council.

d - If it acts contrary to its regulations or to the laws, decrees and decisions that regulate its effectiveness, the resulting damage shall be caused by the funds of depositors and shareholders.

e. If its liquidity or sheets are in danger and are not subject to correction under procedures agreed upon with the Monetary and Credit Board.

2. The removal of the Minister of the Economy shall be carried out on the proposal of the Monetary and Credit Council and after the Council has notified the representatives of the bank concerned to submit their observations to it within ten days of the reporting of the written facts of the write-off report and that the decision to write off shall be issued within 20 days of the date of the submission. Communication of the facts mentioned.

3. The bank's removal from the bank record requires that it be liquidated in accordance with the laws in force and that such liquidation should take place with the participation of the Central Bank in order to maintain public confidence in the banking system and protect the rights of depositors.

Article 92. Every year, the Monetary and Credit Council organizes a list of banks registered in the bank register to publish this list and the amendments that occur during the year in the Official Journal and in three local newspapers.

Article 93:

1. Non-institutions registered in the register of banks referred to in the article shall not be allowed / 90 / From this law, which has not been written off, it would use labels such as .. bank, bank owner, bank or bank representative, or any similar designation in any language, either in its own name or in its commercial address, and whether in appointing its business type or advertising. Banks may not use any phrase that may lead to misleading the public regarding the particular nature of their effectiveness.

2. Publications, declarations, communications and other documents prepared for the public by working banks shall not contain the control of banking by the monetary authorities and shall not contain any statement that may lead to misleading the public on the type, importance and guarantees of the bank's business and on Bank relations with public authorities.

Article 94. The banks registered in the bank register without others have the authority to exercise all banking operations in Syria as indicated in the article. / 12 / Law no. / 28 / A year. / 2001 / And the Articles / 85 / and / 86 / of this law and non-registered banks may not practice the acceptance and relending of deposits from the public.

Article 95:

1. The Monetary and Credit Council has the right to allow non-bank institutions to form solidarity companies or private or joint ventures in which the banking public sector contributes to the trade of foreign currency exchange, within the limits and conditions appointed by this Council in a special order. It is endorsed by the Minister of Economy and Foreign Trade in the light of the country's financial needs and the needs of citizens and tourists and the granting of them is suspended on bail.

2. Non-institutions are not allowed to use expressionism: an agent, a teller or any similar expression in any language, either in its own name or in its commercial title, and whether in the appointment of its commercial work type or advertising.

Section III

Bank capital and reserve funds

Article 96:

1. The capital of any of the banks operating shall be less than the minimum set forth in the article / 6 / Law no. / 28 / A year. / 2001 / .

2. Each bank must prove at any time that its assets actually exceed the required requirements for others at least equal to the minimum amount of the material specified in the article / 6 / Law no. / 28 / A year. / 2001 /

3. If the bank's capital is below the minimum specified in the substance / 6 / The law. / 28 / A year. / 2001 / As a result of the losses he may have suffered, he would have to rebuild his capital at a maximum of six months' notice.

4. The determination of losses is due to the discretion of the Government Commission to the banks.

5. If the bank in question objected to the discretion of the Government Commission to the banks, the case would be submitted to the Monetary and Credit Board.

6. The decision of the Monetary and Credit Council in this regard shall be final and shall not accept any method of administrative or judicial review.

7. The minimum boundaries of the founders' quota are set at the bank's capital as well as the ceilings of the shares of natural and legal persons in the capital in accordance with the provisions of the law. / 28 / A year. / 2001 / The shares of the wife and the children of the natural person are within the maximum permissible limit. / 5 / The percent of the bank's capital.

Article 97:

1. In addition to the impurities imposed by the Commercial Companies Trading Act for compulsory reserves, banks must deduct annually from Her profits. Net not less than / 10 / Ten percent is monitored to form a special reserve until the reserve is reported. / 100 / At least 100 of the bank's capital.

2. In the case of the liquidation of the bank, the holders of deposits deposited with a concession enjoy the clearance of the special reserve and the compulsory reserve provided for in the frozen trade and accounting law without the benefit of the Central Bank of Syria under the provisions of the paragraph / a / From Article / 19 / Law no. / 28 / A year. / 2001 / .

Article 98:

1. The Monetary and Credit Council shall enjoy the application of the article. / 96 / This law is authorized to estimate the elements of assets that are equivalent to bank capital and is entitled to request the production of all documents necessary to prove the existence of such elements and that it appoints all other conditions that must be made available in the performance of capital in accordance with the requirements of need.

2. The Monetary and Credit Board may at any time decide to increase the minimum amount of capital reflected in the article / 96 / This is in accordance with the requirements of solvency and in line with international standards for capital adequacy.

Section IV

Parentage Gabbar. Prefabricated funds, coverage, solvency, etc.

Article 99:

1. The Monetary and Credit Council shall be entitled to establish a general order in which the ratios must be established between the elements set out below and which banks must adhere to that such a system shall not contain any distinction between the banks of the same business.

a. Ratio between the capital of the bank and its reserve funds on the one hand and the total amount of its deposits or commitments under request or for the other.

b. Ratio between the funds and assets of the prefabricated bank or some of these funds or assets on the one hand and their commitments under request or for a short order on the other hand.

c. Ratio between the capital of the bank and its reserve funds after downloading losses on the one hand and the total amount of its assets or some of those assets on the other.

2. Within the above-mentioned conditions, the Monetary and Credit Council shall be entitled to:

a. It is prohibited for banks to increase the total amount of discount operations, advances and loans or the total amount of some of these operations as of a certain date.

b. The rate at which banks may increase the total number of discounts, advances and loans or the sum of some of these operations shall be determined.

c. The absolute or relative minimum shall be appointed on the basis of which the opening of the appropriation or some of them shall be covered by cash.

d. A maximum time limit shall be assigned to the entitlement, loans and advances to be due, or to the benefit of some of these operations.

e. The ceiling shall be assigned to the amount that the bank may grant to one person for the capital of the bank and its reserve funds after downloading the losses.

The banks must be deposited with the Central Bank of Syria from their current deposits, and for deposits in foreign currencies.

g. The degree of concentration of the bank's investments and its overseas employment is determined relative to the total assets of the Bank.

3. Regulations issued to implement the provisions of this article shall not have any retroactive effect and shall not prevent the implementation of the conventions on the date of publication and must set the deadlines for enabling banks to reconcile their operations with the imposed provisions and to designate the assets on which the ratios are calculated Mandatory mandatory.

Section V

Banking

Article 100. Besides, the banks are clitoris under the law. / 28 / A year. / 2001 / Banks shall not take non-banking, in particular, the following actions:

1. possession and trading of goods for the special account unless the process is intended to ensure that the questionable demands are met.

2. To purchase real estate for its own account or to keep it permanently available except for the following cases:

a. Real estate for the exercise of its business.

b. The real estate the bank is making to meet its debts or to guarantee the questionable demand, and the bank must in this case sell these properties within two years.

3. None of the licensed banks shall:

a. Open credits or loans or advances in any form to the President, members of the Board of Directors of the Bank, its Director General, their relatives up to the third degree and their wives and relatives up to the second degree.

b. It is also prohibited for any licensed bank to open credits, loans or advances in any form to its employees, observers, bank accounts inspectors, auditors or employees of state bodies directly related to the supervision and control of the bank or to follow up on its activities and wives. These and their children unless the Monetary and Credit Council has already agreed to this.

4. The prohibition does not apply in paragraphs / 1 and 2 / From Article / 20 / A law. / 28 / A year. / 2001 / On the following:

a. The values the Bank is making to ensure that questionable demands are met and in this case the Bank must abandon the values mentioned within two years.

b. Values that enjoy State guarantee and quotas in the capital of the updated credit institutions with a special law.

c. Shares and loan names in the Syrian currency or in foreign currencies, which are assigned by the bank to the public and the shares in one or more companies, especially for putting such shares and bonds to the public at a period not exceeding six months from the date of the bank's subscription. With the arrows and the names mentioned.

Article 101:

1. The Monetary and Credit Council, when necessary, has the right to make reasoned decisions issued by a majority of two thirds of the members of the Board to determine the maximum rates of benefits, commissions and other expenditures that must be applied to certain categories of credit operations and do not consider such decisions to be feasible unless they are combined With the endorsement of the Minister of Economy and Foreign Trade.

2. The Monetary and Credit Council is entitled to decide that it is not possible to process credit operations in any form with the Central Bank of Syria if it does not meet the conditions set out in respect of interest, commission and other expenditures.

Section VI

Board members and directors

Article 102:

1. Taking into account the provisions of the laws in force prohibiting a provision to be a member of a board of directors or directors of any bank that has been sentenced for theft, misappropriation, forgery, fraud, fraud, embezzlement, misappropriation of money, money laundering or drug trafficking or to withdraw a check without payment, or to undermine the position of the financial state or the crimes against public trust, or any criminal offence or misdemeanor, or conceal the funds obtained as a result of one of these crimes, whether the ruling is issued in Syria or abroad, and whether the sentenced is an asset. or a partner or intervener in any of the offences mentioned and the same prohibition applies to all who have been sentenced to attempt to commit these offences.

2. This prohibition shall also apply to persons who have been issued against them or to the bank whose administration has been governed by bankruptcy or judicial liquidation, whether or not it is returned to them, whether or not the judgement is issued in Syria or abroad and does not apply in cases where the competent court decides to Bankruptcy or judicial liquidation was caused by compelling reasons.

3. The First Court of which the Bank is within its jurisdiction has the power to decide whether the offences or acts sentenced by a foreign court are subject to the above-mentioned prohibition at the request of the Prosecutor's Office.

Article 103:

1. A member of the Board of Directors or directors of a bank shall not be entitled to manage another bank or its governing body.

2. In special cases, the Monetary and Credit Council shall be entitled not to agree with the public interest to accept the exception to the provisions of the preceding paragraph.

Article 104:

1. In the case of bankruptcy of a bank or in the case of a judicial liquidation deemed null and void with respect to the block of creditors, all operations under which the bank has been appointed, reduced or in any other form to members of its Board of Directors or to the Directorate of amounts in profits, remuneration or other Contributions to profits during the previous two years of the date that the Court considers the date of suspension for payment in the case of bankruptcy or during the previous two years of the bank's status in the judicial liquidation.

2. The provisions of this article shall not apply if the competent court decides that bankruptcy or judicial liquidation was caused by compelling reasons.

Section VII

Annual budget and periodic statements

Article 105:

1- All licensed banks must submit annually to the Monetary and Credit Board an annual budget and a detailed account of the profits and losses certified by the inspectors within 90 days of the closing date of the annual calculation.

2 - These documents are organized in accordance with the International Accounting Standards adopted by the Minister of Economy and Foreign Trade by decision issued on the proposal of the Monetary and Credit Board. This decision also specifies the form of prospecs, statements and documents relating to the annual budget and the calculation of the profits and losses imposed The Trade Act is published or deposited with the competent services. This decision may impose the obligation to publish and submit data and documents to all other banks in Syria, regardless of the legal form they are effective on the basis of which they are effective.

Article 106:

1. Banks shall submit to the Monetary and Exchange Board within the deadlines specified by the following data:

a. Monthly statement of the status of the creditor and debtor bank.

b. Monthly statement of the status of the creditor and debtor bank in foreign currencies.

2. It should also be submitted to the Monetary and Security Council at its request and within the deadlines set by it.

a. A list of credits to be determined by the Board.

b. All information, clarifications and documents necessary for the Council to carry out its mission.

3. The documents listed in accordance with the International Accounting Standards adopted by the Minister of Economy and Foreign Trade are organized on the basis of the proposal of the Monetary and Credit Board.

Article 107. Sign all documents to be submitted pursuant to the articles / 105 and 106 / by the Chairman of the Board of Directors and the Commissioner or the Director and the Bank Controller endorses the validity of the bank.

Article 108. The Monetary and Credit Board shall periodically publish a total statement on the status of creditor and debtor banks.

Section VIII

Observers

Government Commission to banks and central bank observers

Chapter I

Internal observers

Article 109. In addition to the provisions of the Commercial Companies Trade Act, each bank must nominate a number of persons with the appropriate qualifications to exercise internal observer functions in the bank. The Monetary and Credit Council chooses an internal observer or more according to the size of the bank's operations against the nominated names. An internal observer post is occupied and its functions are not exercised by the Controller until after the oath before the Civil Start Tribunal. The Monetary and Credit Council shall establish a system for the admission of internal observers, withdrawal cases, a basic system of internal observers and the approval of the regulations mentioned by decision of the Minister of Economy and Foreign Trade.

Article 110:

1. Internal observers generally exercise all powers conferred by law to the inspectors of the companies in which this type of control is exercised.

2. Internal observers shall, in general, access the books, correspondence and carp of banks and all their restrictions in general and monitor the regularity of the inventories, annual budgets, reports, all positions and statements to be submitted under this Act and its validity.

3. They shall also monitor the bank's compliance with the texts and the legal and regulatory provisions to which the banks are subject.

4. They shall inform the Government Commission of the banks of each decision or situation that jeopardizes the solvency of the bank or its liquidity.

5. The Government Commission to the banks shall issue to internal observers all directions and instructions necessary for the performance of their mission.

Article 111:

1. In the fifteenth of each month, internal observers shall submit a report on their work during the past month to the Government Commission to the banks.

2. This report shall not be subject to the relations of the Bank with a certain person from its clients except in the following circumstances:

a. The Bank has operations in breach of the law.

b. In the event of bankruptcy of a trader with the bank or subject to the reconciliation system or if it is allowed to defer payment.

c. If the bank is granted credits that may lead to the endangerment of its liquidity.

d. If the bank is granted provisions in violation of the provisions of the paragraph / e / From Item / 2 / Article / 99 / This is the law.

3. Observers do not intervene in fee and tax cases.

Article 112:

1- Each internal observer shall immediately inform the members of the Board of Directors and Directors of the Bank about the irregularities observed by them.

2. If the internal observer is informed of a decision by the bank that constitutes a criminal offence, he must object to his execution and that the matter should be lifted soon to the Government Commission to the banks. This objection shall be suspended for eight days, and these provisions shall not apply to tax offences.

Article 113:

1. Internal observers may not occupy any additional position in the banks under their control.

2. They shall not be entitled without a licence from the Monetary and Credit Council to hold any job on which they receive a salary or compensation from the State or public authorities, or to be members of a board of directors, directors, commissioners or accredited authorized to sign in commercial or commercial companies and be licensed. The council is revocable at any time.

Article 114. The banks in which internal observers exercise their work shall bear their salaries, compensation and their judgment, which are subject to the approval of the Monetary and Credit Council, and observers may not obtain from the bank in which they work otherwise for any other benefit in any form.

Article 115. In addition to the duties imposed by law, internal observers are prohibited from disclosing any of the information they are informed of by virtue of their functions and are prohibited from taking personal advantage in any form of such information.

Article 116. Internal observers who violate the provisions of this Act shall be held accountable and shall be subject to the penalties provided for in the laws in force.

Chapter II

Government Commission to banks and central bank observers

Article 117:

1. The Government of the Government shall exercise its functions in accordance with the provisions of section IV of this Law and shall operate in accordance with the directives of the Board of Cash and Credit and form part of the staffing of the Central Bank. Its observers and staff shall be subject to all regulations and rules applied in the Bank.

2. The Central Bank of Syria may contract with qualified persons with high experience or with specialized institutions from within or outside the country to carry out the office and field control work assigned by the Government Commission to the banks. These observers are subject to the same provisions. to internal observers and to all conditions set forth in the articles / 110, 111, 112, 113, 115, 116 / From this law, such contractors shall be sworn in by the Civil Start Court.

3. The Board of the Monetary and Credit Council shall determine the system of this Commission, as well as the terms of engagement of persons and entities referred to in the preceding paragraph, and approves the Commission's system and the conditions for contracting decisions made by the Minister of Economy and Foreign Trade.

Article 118. The functions of the Government Commission shall be determined by:

1. To carry out the functions specified for it in Part IV of this Law and all decrees and decisions issued thereunder.

2. Investigate violations of the provisions of this Law and the provisions of the decrees and decisions issued thereunder.

3. Supervision and control of banks in accordance with the directives of the Monetary and Credit Council.

4. Conduct all studies and organize all statistics on banking status and banking events in the country.

5. Follow up on bank risk affairs and compile credit risk information related to bank customers periodically and report them in a confidential and fast way to the banks concerned.

6. Taking into account the provisions of the Trade Act, joint banks are not subject to the provisions of the Central Authority for Oversight and Inspection Act and the Central Agency for Financial Control, but are monitored by internal observers appointed in accordance with the provisions of this Act and by the Government Commission to the banks And its observers.

7. To carry out any investigation, audit or experience at the request of the Monetary and Credit Board and as directed in the following cases:

a. In case there are serious possibilities for the Monetary and Credit Council to believe that internal observers do not perform their mission properly.

b. In case there are serious possibilities for the Monetary and Credit Board to believe that the bank management is not prudent or that the bank's liquidity is at risk.

c. In case the bank fails to give or obstruct information imposed by the law for the acts of observers or delegates of the Government Commission to banks.

d. In the event that the bank presents difficulties in performance or is subject to the reconciliation system or may be allowed to delay payment or the possibility of bankruptcy.

e. When internal observers report violations of the law or when the bank does not comply with the observations addressed to its public administration or to the members of the Governing Council in accordance with the provisions of the article / 112 / .

Article 119. The banks of the Government Commission at banks and the reports of their accredited observers are valid unless they are proven to be reversed.

The octopus cited by the Monetary and Credit Board has shifted to the prosecution to conduct the necessary prosecutions where appropriate.

Article 120:

1. In addition to the duties imposed by law, the employees of the Government Commission of banks and their observers are prohibited from providing any of the information they are familiar with by virtue of their functions.

2. All staff members of the Government Commission to the banks shall be sworn in before the Monetary and Credit Council, which shall be established by the Council.

3. It is prohibited for any employees of the Government Commission to accept, for others, a reward, gift or privilege from a working bank or to accept the promise of such a promise or to make a mockery of the information he or she has received for his or her personal benefit or otherwise in any form.

4. It is prohibited for any of the employees of the Government Commission to be employed by banks if they are left to do business with any of the banks operating within two years of the date of their departure from work at the Central Bank.

5. The staff of the Government Commission shall receive special compensation to be paid by decree upon the proposal of the Minister of Economy and Foreign Trade.

Article 121. The expenses of the Government Commission in banks are the responsibility of the banks operating and their collection assets are fixed and distributed by decision of the Minister of Economy and Foreign Trade on the basis of the proposal of the Monetary and Credit Council.

Section IX

Liquidation

Article 122:

1. In the case of the liquidation of a bank and within seven days of the liquidation decision, the Minister of Economy and Foreign Trade issues a declaration of liquidation published in the Official Journal and in the Official Announcements Bulletin and in three broad-circulation daily newspapers for three consecutive days, in addition to reporting. depositors under a guaranteed book.

2. The declaration must include a period of no less than three months so that the agents with the bank can take all measures and issue other necessary instructions in respect of this liquidation. The declaration must also include the authority to liquidate the remaining deposits and the ongoing operations. At the time of the closure of the bank's offices, it is final if the traders do not give the necessary instructions to the bank.

3. The Bank shall be entitled to revoke its licence and the Monetary and Credit Council shall take the decision it deems appropriate on the application within sixty days of its submission.

4. If the bank has been removed from the bank record because of its violation of its regulations or the laws, decrees and decisions regulating the banking profession, the Minister of Economy and Foreign Trade, on the proposal of the Monetary and Credit Council, is entitled to determine in the write-off decision the closing date of the bank and to designate The provider of the outstanding transactions on that date.

5. Observers in the exercise of their functions shall continue to exercise their rights and duties until the end of the liquidation of the Bank's work.

6. The provisions of the Law on Trade, its amendments and the laws in force shall apply as it is not provided for in this section of this Law.

Section X

Transitional provisions for public sector banks

Article 123. All banks on the effective date of this Act, whose effectiveness is subject to the provisions of Part IV, shall require that they be re-registered in the register of banks licensed by the Central Bank of Syria within three months of the effective date of this Act.

Article 124. Existing institutions shall be given the date of entry into force of this law and re-registered pursuant to the provisions of the article / 123 / It has two years as of the date of the registration decision to gradually align its status with the provisions set out in this law.

Section XI

Fines, administrative and penal sanctions

Article 125:

1. Without prior dangers, a fine of 10,000 Syrian pounds shall be imposed for each day of delay for each bank that does not provide within the deadlines data, conditions, budgets and all documents indicated in the articles / 105 and 106 / This is the law.

2. This fine shall be imposed by the Government Commission to the banks and shall be in the interest of the State treasury and, if it is not reimbursed, it shall be collected in accordance with the law on the collection of public funds.

Article 126 The penalties provided for in the laws in force shall apply to anyone who contravenes the provisions of this Act.

Article 127. A fine of between 50,000 Syrian pounds and 500,000 Syrian pounds is imposed on each bank that does not comply with the provisions of the articles. / 100, 105 and 106 / .

Article 128. Any who contravenes the provisions of the articles / 102 and 103 / A fine of between 100,000 Syrian pounds and 500 thousand Syrian pounds, and imprisonment from six months to two years or one of these.

Article 129. shall be punishable by imprisonment from eight days to three months and a fine of between 100,000 Syrian pounds and 500 thousand Syrian pounds or one of these penalties. Each member of a board of directors, a director and a accredited commissioner shall not comply with the provisions of the regime under which it is referred to in the article. / 99 / or not comply with the maximum rates specified in accordance with the provisions of the article / 101 / Or violate the provisions of the / 97 / This is the law.

Article 130. The penalties specified in the laws in force are applicable to anyone who contravenes the provisions of the articles / 115 and 120 / This is the law.

Article 131. Judgements pursuant to section IV of this Law shall be published in the Official Gazette and in at least two daily journals to be appointed by the court at the expense of the convict.

Article 132. Banking and financial institutions are responsible for the payment of fines, including judicial and other expenses, for the members of boards of directors, directors and accredited commissioners to sign the provisions of section IV of this Law.

Article 133. The application of the provisions of section IV of this Law and the implementation of decrees and decisions taken to implement it shall not result in the holding of the State, ministers, members of the Monetary and Credit Council, the Central Bank of Syria and their representatives any financial responsibility in any capacity.

Section V

Transitional provisions

Article 134. Integrates the monetary fund provided for in Legislative Decree No. / 87 / A year. / 1953 / The amendments are made to the Central Bank of Syria and its assets, rights and obligations are transferred to the bank in question.

Article 135. The Legislative Decree is repealed. / 159 / A year. / 1968 / .

Article 136. The Legislative Decree is repealed. / 87 / A year. / 1953 / The Central Bank of Syria and the Monetary and Credit Council are considered to be updated, and the provisions of this Law are considered amended as a provision for all legislative texts and the provisions in force in relation to Legislative Decree No. / 87 / A year. / 1953 / .

Article 137. In applying the provisions of this Act, all unlawful legal provisions are considered null and void.

Article 138 The Central Bank and all relevant stakeholders shall be given a period of two years from the date of its operation to progressively align their positions with its provisions and during this period the operation shall continue with the regulations in force.

Article 139. This Act shall be published and shall be considered effective from its date of promulgation.

Damascus 3-1-1423 A.H., 17-3-2002

President of the Republic
The exponent.

mz

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