Law 23 Of 2002 The Basic Monetary Law

Original Language Title: القانون 23 لعام 2002 قانون النقد الأساسي

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Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=16125&RID=-1&Last=10058&First=0&CurrentPage=12&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&

Law 23 of 2002 the basic Monetary Act the President of the Republic based on the Constitution and approved by the Assembly in its meeting dated 27-9-1422 Hijri to Gregorian 12-12-2001.

Issue: section I monetary and credit Council article 1:1. the monetary and credit Council work on monetary and credit institutions in the Syrian Arabic Republic, coordinate their effectiveness to achieve the goals listed below within his powers within the State's general economic trends, approved by the Cabinet.

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

B maintain the purchasing power of cash.

C-external exchange rate stability for Syrian and monetary freedom converted into other currencies.

D-expand the possibilities of using resources and energies and work on the development of national income.

2. in the way it handles the monetary and credit Council.

A-put monetary policy in Syrian Arabic Republic and managed in accordance with the overall strategy of the State and the needs of the national economy, including policies on price stability and the purchasing power of national monetary and credit policy and banking savings and interest and exchange rates.

B-terms of reference for the monetary and credit Council set forth in title III of this law.

C-follow the banking system and discuss all issues related to banking and related activities and to take appropriate decisions by the Central Bank of Syria.

D-payment and settlement operations including electronic processes.

E-monitor the banking profession and guide activities in accordance with the provisions of title IV of this law by the Central Bank of Syria.

And-conduct necessary surveys and studies on his or the Executive.

G-Government advocate who provides financial task such opinions which it deems appropriate on matters relating to its terms and ask the Government about measures and matters related to the development of the Syrian Arabic Republic monetary and banking and finance.

H-exercise other powers and tasks defined in the laws and regulations in force.

Article 2: a monetary and credit Council is composed as follows: 1. the Governor of the Central Bank of Syria. As President.

2. first Vice Governor of the Central Bank of Syria. Vice President.

3. Second Vice Governor of the Central Bank of Syria. A member.

4. the Assistant Minister of economy and foreign trade.

5. the Assistant Minister of finance.

6. the Assistant Minister for agriculture and agrarian reform.

7. the Assistant Minister of industry. A member.

8. the Chairman of the State Planning Commission. A member.

9. three experts on monetary and credit and banking affairs. Members.

B-the Governor of the Central Bank of Syria and Vice-Board members ruled on the remaining members are nominated by decree upon proposal of their ministries and those they represent and when selecting experts to be known for their science and practical experience and expertise.

C-the President of the Council and its members their tasks objectively and neutrally.

D-members not entitled to monetary and credit Council of experts to be members of the Board of Directors of a business or commercial nature except for the international financial institutions or local financial institutions under the administration of the State and not eligible to be bye officials in private enterprises management were of a commercial nature.

E-compensations Board Chair and Vice Chairs and other members of the decree upon the proposal of the Minister of economy and foreign trade without controls and limits stipulated in the rules window.

Article 3 of the Council to be assisted by experts and that calls for a consultative meetings for the purpose of all the people who believed in calling them useful for function and determine their awards by the Council Decree issued on the proposal of the Minister of economy and trade.

Article 4-provision of the Council's deliberations and decisions are confidential.

Article 5-the Central Bank of Syria with the Council Secretariat.

Article 6-Secretary of the Central Bank of Syria functions of Secretary of the monetary and credit Council and inform the decisions of this Council to the relationship.

Article 7:1 Council/enjoy within the limits set by this law the broadest powers in the performance of its functions.

2. the departments and public bodies, financial institutions and public and private banking and Credit Union to provide the Council through the Central Bank of Syria with all the information requested and that it considers necessary to perform its functions.

3. the Board shall establish its own rules of procedure.

Article 8:1. the Council shall meet at least once a month and meet at the invitation of the Chairperson or at the request of at least three members.

2. the Board's deliberations are not considered legal only in the presence of the absolute majority of its members and decisions shall be taken by a majority vote of the members present unless this Act provides otherwise and likely next President when a tie.

3. the decisions taken in the monetary and credit Council to the Minister of economy and foreign trade Minister is entitled to suspend any decision it deems contrary to the interest of the State for up to seven days during which the Council decision remodeling and if the difference in views to Minister of economy and foreign trade view the topic summarily to Cabinet for decision promptly.

Article 9:1-in addition to other duties imposed by this law prohibits monetary and credit Council members disclose any of the information you access them by virtue of their functions unless invited to testify in court.

2. This prohibition applies to persons and personnel board hired to perform his task in any purpose.

3. it is prohibited to experts of the monetary and credit Council members during their membership in the Council for two years after its completion to assume the chairmanship of the Board of directors or the membership of any banks or financial institutions under the supervision of the Board or accept any business with whatsoever.

4. the provisions of this article violates the law and the right to apply the penalties provided for in the laws in force.

Article 10:1. monetary and credit Council provides the information required by him as Minister of economy and foreign trade report every three months on the implementation of his mission and about monetary and banking situation in Syrian Arabic Republic as well as the Council reporting to the Minister when necessary and periodic report must show the entire situation on different manifestations, in particular:


 A-credit operations for all economic sectors.

B-credit operations for departments and public institutions.

C-cash coverage mode.

D-development of exchange markets.

2. the current situation and suggestions on the needs of the national economy.

3. with the exception of scientific studies is not for the Board to publish something only what the law requires published or agreed to publish, Minister of economy and foreign trade and prohibits Council members except President make regarding work permit bye Board or deliberations.

Article 11-the Central Bank of Syria shall bear all expenses of the Council as well as compensation and the Board hired consultants in accordance with the provisions of article 3 of this law. 

 

Section II general provisions section one monetary item 12:1-standard unit for criticism of Syria is the Syrian pound, referred to as a craftsman/SP/.

2. the Syrian pound is divided into 100 piasters and referred to as the shark craftsman/s/article 13:1-subject to the provisions of the Convention on the International Monetary Fund and amendments and international monetary agreements and Arabic concluded by State or join the Exchange system is determined and the external exchange rate for the Syrian pound decision of Council of Ministers on the proposal of the monetary and credit Council and Minister of economy and foreign trade.

2. determine foreign exchange rates convertible based on the exchange rates prevailing on the world market prices for non-convertible currency, monetary and credit Council decision.

Article 14:1. issuance of banknotes and coins gold and silver coins and official privilege is limited by the State Central Bank of Syria shall exercise this privilege in accordance with the provisions of this law.

2. the Central Bank of Syria are exempt from all taxes and fees and the financial costs of any kind with respect to the importation of the substances listed in paragraph 1 of this article and its contracts as well as all machines, tools and devices used for counting and sorted and checked and the costs arising from storage and transportation and saved and all devices for paid circulation.

3. apply the right violates or attempts to breach the privilege mentioned the penalties prescribed in the laws in force.

Section two banknotes article 15:1-cash papers are hereby bearer securities in Syrian pounds issued by the Central Bank of Syria to implement the provisions of this law.

2. these papers in legal circulation and force non-specific abraaeh to pay off all debts public and private.

The first chapter and circulation of banknotes issued and withdrawn article 16:1-can issue banknotes of the following groups/ls/pounds/five pounds/10 pounds/twenty-five pounds/50 pounds/LS/200 pounds/five hundred pounds/1000/.

2. hold the cards my signature, Minister of economy and foreign trade and the Governor of the Central Bank of Syria.

Article 17:1. determine measurements of banknotes and fees and colors and all their descriptions by the Minister of economy and foreign trade, on the proposal of the Central Bank of Syria.

2. banknotes in circulation by the Minister of economy and foreign trade, on the proposal of the Management Committee of the Central Bank of Syria.

Article 18:1-the Central Bank of Syria withdraw from circulation banknotes which are deemed no longer meets the technical requirements that make them suitable for trading.

2. switch the banknotes distorted or incomplete if the following three conditions combined.

A-be replaceable paper space more than three-fifths of the original paper.

B to paper signatures imposed by article 16.

C-one paper should include serial numbers.

Apart from the above requirements pull leaves distorted or incomplete without any charge to the holder unless the Central Bank of Syria must mutilation suffered as a result of force majeure.

3. the Central Bank is not responsible for the loss of form bye any quantity of banknotes circulating in the hands of the public, banks or public funds stolen.

Article 19:1. pull one or more categories of banknotes or altered by decree upon the recommendation of the monetary and credit Council and proposal of Minister of economy and foreign trade.

2. this Decree determines the timeout switch which cannot be shorter than three months unless there is a need in a hurry, this period may be shortened drawing on not less than seven days.

3. broadcast Decree clouds on all appropriate means of dissemination.

Article 20:1-papers don't offer to switch before the deadline lose their power alabraaeh and descend from trading and the Central Bank of Syria in Damascus focused within five years of starting a drawing payment cards that offer to switch without being paid any child support.

2. the expiration of the five years the limitation applies to papers that don't offer to switch back to the Central Bank.

Chapter 21:1-material cash coverage shall not issue any coins unless matched by a corresponding increase in the assets of the Central Bank of Syria: a-gold.

B-foreign currency demands on the convertible.

C-demands a Syrian pounds resulting from credit operations for all economic sectors.

D-public securities with short, medium or long term State-issued or guaranteed by similar loans and advances, as well as for backup.

2. that gold and foreign currencies convertible in coverage/40/40% at least of the total items.

3. in applying the provisions of this chapter the total obligations of the Central Bank of Syria under similar demand for banknotes.

 

First/gold coverage: article 22:1-it is not permissible to accept only gold coverage of assets consisting of the minted gold or gold bars.

2. the Council of Ministers on the proposal of the Minister of economy and foreign trade places must deposit them golden metal theme in coverage.

Article 23:1-restricts the Central Bank of Syria Golden assets placed in the coverage at cost or market value, whichever is less.

2. purchase prices determined on the basis of the advertised price.

3. the monetary and credit Council determines the selling prices of gold assets according to globally advertised price taking into account the costs of population and the historical value of the coins.


II. coverage of convertible foreign currency: 24:1 material-it is not permissible to accept coverage of foreign currencies following assets only. A-convertible foreign banknotes.

B-foreign currency assets convertible international and governmental institutions have restricted foreign banks demand account or for not more than one month.

C foreign currency bank deposit certificates convertible term not exceeding one year.

D-commercial attribution it liberated convertible foreign currency and withdrawn from Syria on the outside and not exceeding 120 days/benefits and guaranteed three signatures with solvency one banker. E-all base demands on call Editor convertible foreign currency and accrued on the outside and are generally used in international transfers of funds.

-Short and medium-term reference by States or about Arabic and international financial institutions or guaranteed by States or entities mentioned and with the approval of the monetary and credit Council and enjoy this attribution to global credit rating of excellent.

2. monetary and credit Council designates types of convertible foreign currency could be accepted in the rating also determines the degree of coverage of the leaves are allowed to accept coverage when necessary determines maximum amounts for each type.

3. in the particular field of assets in foreign currencies convertible in coverage.

Article 25:1-restricts the Central Bank of Syria established convertible currencies in the specified Exchange rate coverage in accordance with the provisions of article 13 of this law, the date of purchase.

2. selling prices may be different convertible foreign currencies and buy them meet Syrian pounds exchange rate advertised only within the limits specified by the currency and credit Council.

Article 26-the State profits and losses arising from changes in the exchange rate of foreign currencies convertible in coverage or any compelling reasons.

III. demands arising from credit operations 27:1 material-it is not permissible to accept coverage of credit operations for all economic sectors except the following assets: I/bills and all other business reference editor for Syrian pounds.

II/loans and advances to Syrian pounds worth of limited duration and that meeting under the following: a the minted gold or gold bars.

B-public securities for short, medium or long issued by the State or guaranteed by all public securities that are accepted by the monetary and credit Council and approved by the Minister of economy and foreign trade.

C-bills and business reference.

D-all in-kind values accepted by the monetary and credit Council and particularly the receipts issued by general stores/warant/goods.

2. they must not exceed the maturity of bills and commercial attribution of the respondent in paragraph/1/item/first//120/days at most as from the day of submission and may not exceed a period of advances and loans of the respondent in paragraph/1/item/II/120/day.

Can monetary and credit Council's decision to extend the duration of trade bills and attribution of loans and advances to/300/day if credit operations agricultural or industrial or agricultural or industrial products exported to Syria.

Article 28:1-must carry bills and trade reference specified in section/first paragraph//article 1//27/initially three signatures filled.

2. replace signatures signed content by State.

3. a mortgage provided for in paragraph 1/item II/a/f/b/f/c/w/d/article/27/station of signing one or two signatures and under conditions determined by assets and monetary and credit Council approves system, Minister of economy and foreign trade.

Article 29:1. loans and advances referred to in article/27/guaranteed original or full signature.

2. monetary and credit Council identifies cases where the replacement of exceptionally notable article about the mortgage/27/signatures filled.

Article 30-puts the monetary and credit Council approves a Minister of economy and foreign trade specifying the following.

A the assets applicable to accept cash coverage bills and loans and advances business reference respondent posted in articles/f/27/28/29. B-cargo types and mortgage for duty downloaded from selling value.

C-public securities convertible mortgage and be downloaded from nominal value or realizable.

D-the price at which similar gold accepts it.

Article 31-the Central Bank of Syria restricts trade reference referred to in article/27/according to nominal value.

Article 32-subject to the provisions of article/27/et seq and law No 177/in/1958/Industrial Bank's Legislative Decree No 29/in/1966/, as amended by law No 11/in/1975/REB's Legislative Decree No 141/in/1970/amended by law No 27/in/1990/ACB's can be placed in coverage within the limits and time limits designated by the monetary and credit Council loans and advances to credit institutions provided by Government.

E-loan ratio should not exceed more than one year mentioned a specific percentage of total loans and advances which the Central Bank agrees to grant to any bank that determines for each bank by the monetary and credit Council depending on the nature of the activity funded.

B to Hock the mentioned institutions loans and advances which are worth ignoring pleas from these loans and advances during the surety to solve the Central Bank of Syria replaces these institutions all rights relating to these demands.

C-to increase the nominal value llmatalib amount of loan or encumbered advances equivalent to at least one third.

D-document mortgage mentioned demands or other eyes guarantee bye accept monetary and credit Council.

Article 33 determines the monetary and credit Council according to the requirements of the economic situation as follows.

A maximum amount of deductions and loans operations on the other as if appointed to distribute these operations among various economic fields and the Board also determines the distribution of the ceilings for these operations between banks.


B interest rates on discount operations and processes and conditions of loans and advances.

IV. public securities and similar loans and advances.

Article 34-it is not permissible to accept coverage of public lending operations only the following demands: 1. frozen state religion in detention the effective date of this Act.

2. an advance without interest granted to the Ministry of finance to provide cash for the Treasury in an amount not to exceed 20% of the estimated budget for the ongoing session imports under the following conditions:-this advance should not exceed five actual imports for the previous session.

B to reimburse this loan before the end of the third quarter of the current fiscal year.

3-assigning the Treasury issued or may be issued by the State of implementation of the guarantees provided in articles/26/f/66/of this law and this backup without utility.

4. attribution of State Treasury meet our IPO in the International Monetary Fund and the World Bank in Arabic and international financial institutions and regional institutions that determine the law as well as State contributions in Arabic and international certified corporate capital agreements or contracts established by legislative instrument.

5. permissions and assign Treasury when necessary required by the public interest and the requirements of economic and social development and loans issued or guaranteed by the State, provided that these permissions or attribution of legislative instrument.

6. support the position of the owners and beneficiaries of irrigation projects and liberated by them meet cost recovery resulting from irrigation and land reclamation in the projects or improve them or sell them on to attach these mortgage reference or any other kind guarantee accepted by the monetary and credit Council and monetary and credit Council sets the maximum amounts that could borrow under this paragraph.

Article 35-restricting public securities placed on coverage of purchase price if that price is equal to the value of pay or less and limit value payment if purchase price plus.

 

Section III cash and gold and silver coins official material 36:1-subject to the provisions of article/14/limited monetization and official gold and silver coins of the Central Bank of Syria.

2. don't be golden or Silver Exchange trading status unless legal decree upon the proposal of the monetary and credit Council prescribes otherwise.

Article 37:1. monetization and gold and silver coins at the suggestion of the monetary and credit Council and approved by the Minister of economy and foreign trade.

2. determine the decree upon a recommendation of the monetary and credit Council and Minister of economy and foreign trade gold and silver pieces type and calibre, weighing and measuring the amount of tolerance and other other descriptions and maximum quantities desired coin for each category.

3. gold and silver coins are put into circulation by the Minister of economy and foreign trade, at the suggestion of the monetary and credit Council.

Article 38-the cost of buying the metals and minting and other additional costs rests with the Central Bank of Syria.

Article 39-the Central Bank of Syria put gold and silver coins in circulation to his account and on the basis determined by the Minister of economy and foreign trade, at the suggestion of the monetary and credit Council including population expenditure and other expenses and commissions based on the receipt of buyers by weight of pure gold or silver at least equivalent to the weight of solid gold or sterling silver specified under article 37//gold or silver coins that are abandoned.

Article 40:1. don't put coins and gold or silver coins in circulation only after checking the calibre and weight.

2. the original record adjusted population checks with the Central Bank of Syria as deposit has pieces that are used in this audit.

Article 41:1-valid every piece where legal and calibre ratio tolerance weighing in conformity with the provisions of article 37.

2. the Golden or silver pieces that become untrue because of friction and use or that reason or broke her teeth rotted away or refrigerate or put forth additional patterns or punctured or welded or washed with liquids, chemical influence or be in General may alter or distort their shape breaks by State fund trustees or by the Central Bank of Syria and returned to their owners.

3. book fakes or imitations and confiscate and regulates the record set by book and sends to the public prosecutor for prosecution in accordance with the provisions of the laws in force.

 

Section 4 money from small groups article 42 money intended for small groups of coins from precious metals issued by the State according to law.

Article 43-small groups of coins cut pieces of twenty five cents/50 cents/100 piaster/pounds/five pounds/10 pounds/25 ls/.

Article 44:1. money from small groups in legal circulation and abraeh force in the payment of debts and obligations within the following limits: a-50/50/SP of pieces from both categories/25/twenty-five f/50/50 PTS Syria.

B-a SP for pieces of class 100 pennies.

C-Alpha SYP Syrian pounds class pieces.

D-5000 SP to cut five pounds.

E-ten thousand pounds for the pieces of a class 10 pounds.

-Twenty five thousand ls for twenty-five pieces and SP.

2. it is not entitled to State funds and the Central Bank of Syria boxes and boxes of banks registered in accordance with the provisions of title IV of this law refuse to catch small money that exceed limits set above and must accept small pieces all categories without specifying quantities either switched to cash or to pay off debt.

Article 45:1. being small monetization by the Central Bank of Syria at the suggestion of the monetary and credit Council and approved by the Minister of economy and foreign trade.

2. the decision of the Minister of economy and foreign trade, at the suggestion of the monetary and credit Council metal coins of small groups and calibre and weight measurements and relative tolerance and other other descriptions and maximum quantities desired coin for each category.

3. the categories of small coins in circulation by the Minister of economy and foreign trade, at the suggestion of the monetary and credit Council.


Article 46-the Central Bank of Syria shall bear the cost of buying small coins metals and minting costs and all additional expenditures as bears all expenses for management and expenditures.

Article 47:1. the Central Bank of Syria money from small groups in circulation according to the need.

2. restrict the Bank mentioned in the special account nominal quantities placed in circulation as it restricts the nominal quantities withdrawn from circulation.

Article 48:1-the Central Bank of Syria withdraw from circulation coins of small groups which are deemed no longer meets the technical requirements that make them suitable for trading.

2. withdraw from circulation without compensation to holders of small coins which lost landmarks or made or discolored teeth or cool or boring or washed with chemical liquids or maimed or change their shape.

Article 49:1. Minister of economy and foreign trade to decide to withdraw one or more small coins and altered at the suggestion of the monetary and credit Council.

2. the decision of the said drawing out switch which shall not be less than six months at the suggestion of the monetary and credit Council.

3. the coins that don't offer to switch before term lose steam alabraeh and descend from circulation definitively worth due to the Central Bank.

Article 50:1. it is prohibited under penalty of sanctions provided for in laws sell coins of small groups and purchased by her legal trading in Syria for more than face value or for any additional amount as ' prohibited or change their descriptions bye means.

2. the Minister of economy and foreign trade to lift this ban by reasoned decision.

Third part of the Central Bank of Syria section one General provisions article 51:1-the Central Bank of Syria a public institution with financial and administrative autonomy to implement monetary policy decided by the monetary and credit Council and operates under the supervision of the State and was within the general orientations of economic policy adopted by the Council of Ministers.

2. the Central Bank of Syria has personality and is a dealer in his relations with others and being its operations and organize his accounts in accordance with bank rules and norms and international standards and is not subject to the laws and regulations of the State general accounting.

3. the Central Bank of Syria is allowed to use the State emblem coupled with his address.

Article 52:1-Central Bank of Syria Damascus City Center.

2. the Central Bank of Syria opens branches or agencies in all the places where needed.

Article 53 – identifies Central Bank of Syria's capital by 10 billion its State subscribed SP.

Article 54-issued Statute of the Central Bank of Syria by decree upon proposal of the currency and credit Council and approved by the Minister of economy and foreign trade.

 

The second section for the Central Bank of Syria article 55-the Central Bank of Syria State expense according to Exchange version privilege provisions of part II of this law as all tasks set forth in section.

Article 56:1-the Central Bank of Syria's State Bank and declares the Syrian Arabic Republic territory and abroad.

2. to state that cost the Central Bank Treasury bond law of short, medium or long and switch operations and repay it within the conditions defined by the Council of Ministers generally assigned to other financial business related to loans issued by the State or receives Bank loan negotiations contributes to its foreign State or representing the State in negotiations under the conditions determined by the Minister of economy and foreign trade, it also helps the Government and its representatives in their relations with international financial organizations.

Article 57-the Central Bank of Syria Bank operations to the State or its institutions that are subject to special legal provisions and in accordance with the provisions of the texts contained in these laws and the State guarantee.

Article 58: the Central Bank of Syria shall manage the Office blocks.

2. each Member shall receive the Office Management Committee monthly compensation pieces determines by decree upon proposal of the Minister of economy and foreign trade without controls and limits stipulated in the laws in force.

3. participate in negotiations of international agreements for payments and cutting off and costs and hold all the applied agreements needed to implement the agreements.

4. these agreements are being implemented to calculate State and public institutions of an economic nature which take upon themselves all losses and expenses, commissions, benefits and burdens of any kind which guarantees to all the Central Bank of Syria chops losses and other losses incurred by the Bank in this way ensures no adoption of exposed Bank opens Syrian currency or any advance granted to this currency to implement these agreements and within the limits laid down therein, and in Exchange for this guarantee allows the Treasury Department to issue State Backup on a sweater to Treasury with the Central Bank of Syria in an amount not to exceed the value of the predecessor or the appropriations provided for in the agreements.

Article 59:1. Central Bank of Syria under the decision of the Council of Ministers on the proposal of the monetary and credit Council and approved by the Minister of economy and foreign trade to regulate when necessary business of the Bank and other financial institutions that are subject to State control or her insurance policy.

2. he may also provide special facilities when necessary, at the suggestion of the monetary and credit Council and approved by the Minister of economy and foreign trade.

 

The third section of the work of the Central Bank of Syria article 60:1-the Central Bank of Syria following work.

A-all the gold and foreign exchange operations.

B-discount bills, purchase and trade imputation abandon and granting loans and advances to various economic activities.

C-cross discount with short term State-issued or guaranteed.

D-buy backup medium and long-term State-issued or guaranteed by abandoned and bond buyback system/repo.

-Loans and advances to meet attribution described in items/c/f/d/above.

-Granting of loans and advances to the State or guarantee.

2. all the above acts within the conditions and limits laid down in section II of this law.


3. you cannot conduct business prescribed in paragraph/1/b/of this article only through banks and may not override this and do these actions by banks only by decision of the Council of Ministers on the proposal of the monetary and credit Council with a majority of its members.

Article 61-as well as notable business article/60/Central Bank of Syria.

1. that all pieces with abroad and obtain credits from outside or without guarantees and to grant credits for overseas and to bring his opponent out or encumber and ensure proper implementation of these papers and the discount and credit operations.

2. accept the deposit money in accounts that you open has the monetary and credit Council defines the entities allowed to open these accounts.

3. accept deposits of securities and attribution, and coins and precious metals.

4. to acquire at the suggestion of the monetary and credit Council and approved by the Minister of economy and foreign trade backup represents the capital of financial institutions subject to special legal provisions or placed under State control or guarantee provided that the total value of these investments with real estate bank assets on Bank's capital plus reserves walahtlakat.

5. give out upon a legislative instrument loans to finance the export of Syrian agricultural or industrial products in accordance with the following terms and conditions.

A the monetary and credit Council approval by an absolute majority of its members.

B-the legislative instrument sets the maximum possible accreditation granted to a foreign country and maximum duration and style.

C-applied on injunctive provisions in this paragraph the provisions of paragraph/article/4/58/of this law and the provisions of the exchange control laws treat foreign convertible currency.

Article 62-the Central Bank of Syria perform all operations that would facilitate the transfer of money and has to establish or participate in established offices to filter or set-off and management.

Article 63:1. prohibiting the Central Bank of Syria to conduct any operation not provided materials/60/f/f/61/62/.

2. the Central Bank of Syria to own real estate as you need and directorates branches.

3. also accepts for mortgage or mortgage insurance or other funds and real estate guarantee questionable or late payment of lmetalibh and can, for the same reasons that owns real estate and money calling it the result of forced selling by the Central Bank of Syria must liquidate real estate funds procured by methods mentioned within two years from the date of their acquisition unless possession is permitted under this Act may be made by the Minister of economy and foreign trade to extend the two-year deadline.

Article 64:1. keep all existing or future provisions which are more favourable for the benefit of creditors entitled to dependent Central Bank of Syria to follow the following assets to collect mortgage guarantee accepted lmetalibh.

2. If the Bank is entitled to pay demands at maturity to sell mortgage after fifteen days admonishing debtor justly writer and mediation cannot prevent this sale no objection was to the right bank, this does not prevent him from making other traces the other debtor until payment of all demands of capital and interest and commissions and expenses.

3. the sale by decision of the President of the competent execution Chamber at the request of the Bank and without having to call the debtor.

4. the sale on financial markets for attribution and attribution either priced materials and materials unpriced visar to sell through a broker or an authorized expert in place, day and hour fixed by the judge and the judge left estimating need advertising or publishing in newspapers when needed.

5. reimbursement of the product sold directly and without any other procedure all claims by the Bank.

6. If the product sale value of capital and interest bearing bank surplus disposal of the debtor for three years if the elapsed duration and did not demand the debtor of this excess pay the surplus to the public Treasury, which retains it to account for all of the right so the Bank innocent of all pending direction of these.

7. to enable the Bank to apply the assets mentioned in all paragraphs of this article must be in possession when the loan contract or prior written consent by the borrower on all texts of this article.

Article 65-exempted the Central Bank of Syria to review the courts offer guarantees and advances in all cases in which the law imposes on the Parties offered.

Article 66 shall not apply the provisions of part II of this law on the public by the Commission and similar loans and advances on the backup set maintained by the Central Bank of Syria, which represent the capital and cash reserves and accounts on balahtlakat.

Article 67. the State provides adequate security for all Central Bank buildings and constructions of correspondents in the provinces and protected by all appropriate means and offering him free security necessary for safe transfer of money and values.

The fourth section Council/68 material management/control: 1. monetary and credit Council is governed by the Central Bank of Syria.

2. manages the work of the Central Bank of Syria Governor with the help of the Management Committee.

3. the central organ checks for financial control by the Central Bank of Syria and its restrictions within the provisions of its compliance with the obligation to maintain the confidentiality of bank accounts and documents.

Article 69-Governor is appointed and terminate and determine his salary and compensations by Decree.

Article 70 Management Committee consists of the Governor as Chairman and four directors supervisors and workers ' representative designated by the Executive Bureau of the General Federation of trade unions.

Article 71:1-named Minister of economy and foreign trade managers upon proposal of the Governor.

2. members of the Management Committee shall receive monthly compensation determined by decree upon proposal of the Minister of economy and foreign trade without controls and limits stipulated in the laws in force.

Article 72-named two managers as Vice Governor of one other first Deputy and second Deputy, by decision of the Minister of economy and foreign trade, on the proposal of the Governor.

Article 73. neither the Governor or managers to be members of the Board of Directors of a business or commercial nature except financial institutions under state management and monetary, banking and financial institutions, Arabic and international.


Article 74-neither the Governor or the managers or members of the monetary and credit Council any personal responsibility by the Central Bank of Syria pledges or commitments don't ask only perform tasks entrusted to them under the provisions of this law.

Article 75 taking into consideration other provisions stipulated in this law, monetary and credit Council shall exercise the following powers: 1. put the Board on the proposal of the Management Committee of the rules of procedure of the Bank and branch systems and discount committees and bond buyback system/repo/. All these systems are subject to ratification by the Minister of economy and foreign trade.

2. the servant of the Bank Council, at the proposal of the Management Committee and promulgated by Decree.

3. decide on proposals to establish branches.

4. sets interest rates on credit and debit and credit operations and buybacks/repo/and sets its terms.

5. decide how to employ their own bank funds which represent the capital and reserve walahtlakat.

6. has to consult or engage in one of the local or foreign operators in matters relating to the bank accounts.

7. Approves the expenditure budget on the proposal of the Management Committee examines and approves annual budget after having select amounts llahtlakat and the blackouts and endorse the annual report on the work of the Bank.

8. and delegate the Management Committee in particular some of his powers.

9. pending the formation of monetary and credit Council or when resolved or could not be held for any reason, raise the Management Committee of the Central Bank of Syria suggestions about things and subjects within the monetary and credit Council powers to the Minister of economy and foreign trade to make appropriate decisions about the Minister's decisions are final in this case unless the decisions taken in accordance with this law requires presentation to the Cabinet, the Minister's consent is considered as a proposal.

Article 76:1. the Management Committee shall assist the Governor in the performance of his task.

2. discuss the Management Committee and decide on all the issues within its competence under this law or basic sewer system or internal regulations.

3. the General Rules Governing Committee to examine requests for discount loans and advances to Bank and is the last reference to decide to accept or reject such requests.

4. the Management Committee the right to conduct reconciliations and adjustments with either hand.

5. the Commission shall be entitled to the Administration in cases of force majeure and the approval of the Minister of economy and foreign trade to change discount rates and conditions of the loans and advances on display later on monetary and credit Council which should be invited to the meeting in the shortest possible time.

Article 77:1-Governor administers work of the Central Bank of Syria.

2. the Management Committee.

3. work on the implementation of the decisions of the monetary and credit Council and Management Committee.

4. watch over the observance of basic bank laws and statutes and other regulations.

5. manages personnel and recruitment, transfers and termination of promotion, according to the State employment system.

6. the Bank and for him to appoint someone to represent him.

Article 78. taking into account the provisions of article/68/expenses are subject to the Central Bank of Syria and his accounts to the scrutiny of the central organ of financial control in accordance with the provisions contained in the code of the device and the Bank has the right to be assisted by a local or foreign operators/checking accounts with the approval of the monetary and credit Council.

 

Section v dividend reserves budget article 79:1-stop and monitor the accounts of the Central Bank of Syria on 31 December of each year and organizes the inventory of the Bank's assets of movable, immovable and its inviting and his debts with the extension includes a summary of all its commitments.

2. organize the same date the general budget and profit and loss account.

3. the present data on monetary and credit Council and sanctioned by him.

Article 80-general budget and profit and loss account before the first March of the following session of the central organ of the financial control for approval after checking in accordance with provisions contained in the code of the device.

Article 81-shaped NET Bank profits of public budget provided after download walahtlakat management and business expenses and provisions and monitoring and auditing and social burdens on different types.

Article 82:1. only one percent of the mass of salaries and wages of the total net profit of the Bank's annual budget is distributed and acted for workers who have purely banking acts upon the proposal of the Management Committee and based on the size of the responsibilities according to the standards of performance and achievement and identifies all the Premier's decision and that in addition to the amounts required to cover the obligations of all the acquired rights of workers concerning health and social security expenditure and transport as well as promotional incentives and rewards under the laws in force and the balance is allocated to feed Reserve Fund to the Fund assets amounted to half the capital of the Central Bank of Syria after the aforementioned reduction reserve returns to State net profit balance after the deduction of 10% ten per cent annually allocated to the reserve fund account feed to inform its assets an amount equal to the capital of the Central Bank of Syria.

2. determine the nature of compensation, competence and responsibility for personnel categories at the Bank by decree upon proposal of the Minister of economy and foreign trade. Article 83-main bank system determines how to use prefabricated funds which represent the capital and cash reserves and accounts on balahtlakat.

Article 84:1-publish Bank's annual budget and its profits and loss account and the annual report on its work at the Gazette in three local newspapers before 30th of the month of June following the close of the session.

2. Moreover the ruling raises to the Minister of economy and foreign trade comparative statement monthly on the Bank's position on the 15th of every month.

3. the statement published in the Official Gazette after the approval of the Minister of economy and foreign trade.

 

Banks and banking career section IV section I/coverage this section 85 material: 1. subject to the provisions of this section public sector banks, private banks and routinely holds joint accept demand deposits and savings deposits for investment banking operations for own account.

2. in particular banking operations as defined in article 12 of the law/28/in/2001/m.


3. also is buying and selling banking and discount bonds and Treasury bills and holdings and bond buyback system operations practice/repo/.

4. It also considered banking practice of buying and selling shares and corporate bonds raised its stock on IPO as well as other securities permitted Syrian Arabic Republic and circulation in accordance with the rules and ratios set by the Central Bank of Syria.

5. allows banks do for her benefit or for the benefit of others or jointly with him in the Syrian Arabic Republic or abroad with all financial and banking services and credit and debit operations and issuing guarantees described in item 13 of paragraph a of article 12/28/1999/2001/in accordance with cutting window and within the limits and conditions established by the monetary and credit Council.

Article 86. subject to the provisions of this section of the law, particularly licensing and control within the rules and regulations and conditions established by the monetary and credit Council and ratified by the Minister of economy and foreign trade of the following institutions: 1. banking and financial institutions which exercise besides banking stipulated in article 12 of law No 28/1999/2001/Article/85/of this law the following operations: a the management of funds and property portfolios for others.

B to advise and help in financial management of enterprises and generally provide services facilitating the creation and development of enterprises.

C-recruitment in investment projects based on leasing formulas for production companies and institutions are eligible for this type of loan that determines the ceiling of these processes by the monetary and credit Council, a percentage of a certain medium and long term resources.

D-leveraged to different deadlines negotiable bonds meeting.

2. banking institutions:-provision of banking services that rely on modern electronic communication systems.

B-the applicable banking in Islamic banks.

3. Bank representative offices of non-banks.

Article 87-subject to the provisions of this section of the law also within the limits and conditions set by the monetary and credit Council specialized banks list the effective date of this Act.

Article 88-not subject to the provisions of this law, the financial institutions and cooperative companies confined to receiving funds from its branches and members ready to focus the management of these funds not used routinely in banking operations with non-members and affiliates.

Article 89-subject banks operating in free zones of their own regimes are also subject to the provisions of banking supervision provided for in this law.

 

Second Division of licensing and registration and surveillance article 90. decisions of the joint and private banking license being recorded in the register of banks with the Central Bank of Syria/the Government Banking Commission/law/28/1999/2001/.

Article 91:1. off the Bank from the register banks in one of the following conditions — at the request of the Bank.

B-If the Bank proceeds during one year from the date of registration in the register of banks.

C-if its works without prior approval from the monetary and credit Council, despite being warned to follow his activity during a period to be determined by the Council. D-if a contravention of regulations or laws, decrees and decisions governing effectiveness resulting in damage to depositors and shareholders funds.

E-if liquidity or financial solvency at stake and not amenable to correction under procedures agreed with the monetary and credit Council.

2. the delisting decision from the Minister of economy at the suggestion of the monetary and credit Council and after the Council has notified the Bank representatives to submit their remarks to him during 10 days of informing the positive facts to report and that the delisting decision reasoned within 20 days from the date of the communication of facts.

3. the Bank requires banks to record off filter ruled in accordance with the laws in force and that this filter 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. monetary and credit Council organizes every year a list of banks registered in the register of banks published the list and alterations during the year in the Official Gazette in three local newspapers.

Article 93:1-non-registered institutions are not allowed in the register of banks referred to in article 90 of this law which did not strike him to use such labels. A bank. Or banker. Or a banker or Bank representative. Or any similar naming her in any language, whether in their own name or trade and address whether in business or type in its propaganda. And the banks may not use any words that might lead to mislead the public regarding the character of their effectiveness.

2. it shall not include brochures and advertisements, communications and other documents prepared for the public by banks operating what was censored on banking monetary authorities as prohibiting that contain any words could lead to misleading the public about the type and importance of the Bank's work and its guarantees of bank relationships with public authorities to wait.

Article 94 – banks registered in the register of banks alone the power to exercise all banking operations in Syria as set out in article 12 of law No 28/1999/2001/articles/85/86//of this law and non-registered banks may not exercise the operations to accept deposits from the public and restore lending.

Article 95:1. monetary and credit Council is entitled to non-banking institutions allows the institution to form joint companies or joint-stock companies private or shared anonymous public sector contributes to engage in banking and foreign currency exchange trading within the limits and conditions under which this Council assigns a private system approved by Minister of economy and foreign trade in the light of the financial needs of the country and the needs of citizens and tourists be granted pending to provide bail.

2. do not allow other such institutions to use the terms: Exchange client and changer or any similar expression in any language. Whether in their own name or trade and address whether in business or type in its propaganda.

Tier 3 capital banks and reserve funds article 96:1-none of the capital must be at least the minimum banks set out in article 6 of law No 28/1999/2001/.


2. each bank to prove at any time that its assets outweigh its liabilities towards third parties already in an amount equal to at least the minimum capital specified in article/6/Act/28/in/2001/3-If lack of Bank's capital below the minimum specified in article 6 of law/28/in/2001/outcome be sustained losses resulting reconfigured its capital within six months at most.

4. to determine the losses to the Government Banking Commission estimate.

5. in case the Bank's objection on the estimation of the Government Banking Commission brought the case to the monetary and credit Council.

6. the monetary and credit Council resolution to this effect once does not accept any path of administrative or judicial review.

7. determine the minimum share of bank capital founders as well as quota limits for individuals and companies in the capital in accordance with the provisions of law/28/1999/2001/wife and children classes are natural person within a maximum of five percent of the Bank's capital.

Article 97:1-as well as alogaeb imposed on businesses trade law for compulsory reserve banks must deduct annually from net profits by at least 10 percent/10 percent allocated to a special reserve formation until the reserve reaches 100//% at least of the Bank's capital.

2. in case of filter holders bank deposits has the privilege to reserve filter holds the respondent above compulsory reserve provided for in the commercial code and the account frozen without interest to the Central Bank of Syria under the provisions of paragraph a of article/19/Act/28/in/2001/.

Article 98:1. monetary and credit Council in application of article 96 of this Act the power to estimate the components of assets constituting the equivalent of capital banks and has the right to request to highlight all the necessary documentation to verify the presence of these elements and is designated all other conditions that must be met to perform in accordance with the requirements of the capital needed.

2. monetary and credit Council may decide at any time that the increase of the minimum capital indicated in article/96/according to the requirements of solvency and in line with international standards for capital adequacy.

 

Section 4 compulsory ratios on funds and coverage and solvency and other article 99:1. monetary and credit Council that establishes years specifying percentages must between the elements outlined below which banks must adhere to this system should not contain any discrimination among similar banks.

A ratio between the Bank's capital and reserve funds on the one hand and the total amount of its deposits or obligations under demand or for the other.

B-the ratio between the Bank's money and negotiable assets or some such funds or assets on the one hand and their engagements under demand or short on the other.

C-the ratio between the Bank's capital and reserve funds after downloading the losses on the one hand and the total amount of its assets, for some of these assets.

2. monetary and credit Council is entitled to under the conditions mentioned above: a prohibiting banks increase the total amount of loans and credits and deductions or the total amount of some operations as of a certain date.

B-determines the rate at which banks may increase to total loans and credits and deductions or the sum of some operations.

C-designated relative or absolute minimum which must be based on cover operations or open each delivery.

D-designated deadline for deductions, loans and advances or for some operations.

-Sets the maximum credit which a bank may grant to one person for bank capital and reserve funds after download.

F-designates ratios that banks must deposit with the Central Bank of Syria of current deposits and foreign currency deposits.

G-determines the degree of concentration of the Bank's investments and its investments abroad relative to the total assets of the Bank.

3. don't be the regulations issued pursuant to the provisions of this article any retroactive effect nor do they prevent the implementation of agreements concluded by the date of publication, you must specify the time needed to enable banks to reconcile its operations with the sentences imposed and that specifies the assets on which to calculate the specific core ratios.

 

Section v banking article 100-Add to what banks are prohibited by law/28/1999/2001/banks may not be engaged in non-banking business and in particular: 1. the possession of and trade in goods for own account unless the target process ensure that questionable demands.

2. buying property for own account or keep it permanently, except for the following cases: a-real estate necessary for the exercise of its business.

B-real estate obtained bank debt are met or suspected llmatalib and guarantee Bank must in these situations to buy these properties within two years.

3. No licensed banks: a-open the credits or loans or advances bye format for the President and members of the Board of Directors and Director General and their relatives up to the third degree and those wives and relatives up to the second degree.

B-it is unlawful for any licensed banks opening credits or loans or advances bye format for workers or observers or inspectors of its particulars and bank accounts or personnel who are directly responsible for overseeing the implementation and control of the Bank or pursue their activities and their wives and their children unless the monetary and credit Council in advance.

4. do not apply the prohibition mentioned in paragraphs 1 and 2//article 20 of law/28/1999/2001/: a-values obtained a bank guarantee to meet demands, suspect in this case the Bank must abandon values mentioned within two years.

B-values that enjoy State guarantee and shares in the capital of credit institutions private law updated.

C-stock and Syrian currency loans or foreign currency raised Bank costs and shares in the company or more companies issue especially for asking such stocks and bonds to the public within six months from the date of the Bank's equity underwriting imputation.

Article 101:


1. monetary and credit Council when necessary reasoned decisions issued by a two-thirds majority of the Council members are determined by the maximum rates of interest, commissions and other expenses that must be applied to certain specific categories of credit operations and these decisions are not enforceable unless accompanied by the ratification, Minister of economy and foreign trade.

2. the monetary and credit Council is entitled to decide not to credit operations processing bye form with the Central Bank of Syria if the conditions set out on interest, Commission and other expenses.

 

Section six Board members and managers article 102:1. subject to the provisions of the laws in force prohibits to be a Board member or Director in each of the Bank was doomed to an offence as theft, breach of trust, forgery, fraud, bankruptcy fraud, embezzlement, money-laundering or raping or drug trafficking or pull a cheque without charge or discredit the State finances or crimes against the public trust or any felony or misdemeanour outrageous or hide money Achieved the outcome of one of these offences or conduct such funds whether judgment issued in Syria or abroad and whether principal or accessory, sentenced or involved in any of the offences mentioned the same ban applies both sentenced to attempt to commit these crimes.

2. This prohibition also applies to persons undergoing or right bank who managed a bankruptcy or judicial liquidation both returned to them as or not and whether the verdict issued in Syria or abroad this prohibition does not apply in cases where the competent court decides that the occurrence of bankruptcy or judicial liquidation was rooted in compelling reasons.

3. the Court of first instance that the Bank is located within its jurisdiction the power to decide whether his crimes or acts by a foreign court are subject to the prohibition set out above, at the request of prosecutors.

Article 103:1. is not entitled to any of the directors or managers in any bank that manages another bank or his Board membership.

2. monetary and credit Council may in special cases not inconsistent with the public interest to approve a waiver of the provisions of the preceding paragraph.

Article 104:1. in the event of bankruptcy of a bank or if filtered judicially null and ineffective to block creditors all have the Bank which resulted in kind or by set-off or bye another form to his Board or Directorate amounts in lots of profits or bonuses or other contributions on profits during the two years preceding the date that the Tribunal considers the history of stop payment in case of bankruptcy or during the previous two years to put the Bank in judicial liquidation.

2. the provisions of this article shall not apply if the competent court decided that bankruptcy or judicial liquidation was rooted in compelling reasons.

 

Section seven annual budget and periodic data article 105:1. all licensed banks must submit annually to the monetary and credit Council annual budget and a detailed account of profits and losses are certified by inspectors of accounts within ninety days from the date of closure of the annual calculation session 2-organize these documents in accordance with international accounting standards adopted by the Minister of economy and foreign trade to a decision on the proposal of the monetary and credit Council resolution also identifies the form of leaflets, statements and documents relating to the annual budget and the profit and loss account Enforces Trade Act posted or deposited with the competent departments may impose this decision must publish and present data and documents listed on other existing banks in Syria in whatever form the effectiveness of human rights.

Article 106:1. banks must submit to the Monetary Board magnolias leaf out within the time specified by the following data: a-monthly statement on status of creditor and debtor Bank.

B-monthly statement on status of creditor and debtor Bank in foreign currency.

2. it shall apply to the Monetary Board magnolias leaf upon request and within the time prescribed.

N-432 appropriations disclosure shall be determined by the Board.

B-all the information and explanations and documents necessary for the Council.

3. governing the documents mentioned in accordance with international accounting standards adopted by the Minister of economy and foreign trade, at the suggestion of the monetary and credit Council.

Article 107-sign all the documents to be submitted under articles 105, 106/by Chairman and Managing Director or Commissioner and authenticates the Bank monitor her health.

Article 108-monetary and credit Council publish periodically an overall statement about the status of creditor and debtor banks.

 

Section 8 observers the Government Banking Commission and Central Bank watchers chapter I internal observers article 109-in addition to the provisions of the Trade Act on every bank business companies to nominate a number of people have the appropriate qualifications to exercise the functions of internal monitor Bank and monetary and credit Council chooses internally observers or more depending on the size of the Bank's operations from the candidate names indoor monitor function works and the inner observer does not exercise its functions only after the swearing in front of the civil court. Monetary and credit Council shall establish a system to accept domestic observers and cases of withdrawal of acceptance and a platform for domestic observers and believe those regimes by the Minister of economy and foreign trade.

Article 110:1-internal observers generally exercise all powers granted by law to inspectors at the companies where this type of surveillance.

2. such internal observers see wedabot and correspondence banks its books and all her bonds in General and regular inventory and monitoring annual budgets and reports and all configurations and data to be provided under this Act.

3. monitoring also restrict Bank texts with legal and statutory provisions governing banks.

4. they must inform every decision the Government Banking Commission or put jeopardize the solvency of the Bank or liquidity risk.

5. the Government Banking Commission to the Auditors of all directions and instructions needed to perform their mission.

Article 111:


1. the Auditors must submit on the 15th of each month a report on their work during the past month to the Government Banking Commission.

2. this report shall not be subject to the Bank with a specific person relationships of clients only in the following circumstances: a when the Bank operations.

B-in the event of bankruptcy of a bank or clients undergoing the reconciliation system or allow him to defer payment.

C-If the Bank grants credits may lead to endangering the liquidity risk.

D-if the bank credits granted in contravention of the provisions of paragraph//article/item/2/99/a of this law.

3. observers to intervene in issues relating to fees and taxes.

Article 112:1. all indoor monitor to inform immediately the Board members and managers at the Bank about irregularities that go unnoticed.

2. If the internal observer briefed on the Bank's decision constitutes a criminal offence implementation must object to implement it and make it sooner to the Government Banking Commission and stop this objection to implementation of resolution for eight days and these provisions apply to offences relating to taxes.

Article 113:1-internal observers may not occupy any additional jobs in banks under surveillance.

2. not entitled to without the authorization of the monetary and credit Council to occupy any post paid her a salary or compensation from the State or from public authorities or to be members of the Board of directors or managers or delegates or certified authorized signature in commercial companies or commercially viable Board license is revocable at any time.

Article 114-bear banks where internal observers their salaries and compensation and the like which are subject to the approval of the monetary and credit Council and observers may not receive from the Bank in which they work, except that no other benefit bye form.

Article 115-in addition to the duties imposed by law forbids Auditors to disclose any of the information you access them by virtue of their personal use prohibited bye form of that information.

Article 116-undergoes internal observers who violate the provisions of this law to accountability and to apply the penalties provided for in the laws in force.

Chapter II the Government Banking Commission and Central Bank watchers article 117:1-the Government Banking Commission exercises its functions in accordance with the provisions of section 4 of this Act and operates according to the directives of the monetary and credit Council and forms part of the Central Bank's owners and staff of observers shall be subject to all the regulations and rules applicable to the Bank.

2. the Central Bank of Syria to contract with qualified persons from highly experienced or specialized institutions within or outside diameter of the observation field office assigned by the Government Banking Commission and is subject to those provisions relating to observers with auditors and to all the conditions stipulated in articles/110 and 111, 112, 113, 115 and 116 of this act as such contractors must be sworn before a civil court.

3. the monetary and credit Council determines the system also determines the Commission contract with persons and entities referred to in the preceding paragraph, the Office system and true contract by decisions of the Minister of economy and foreign trade.

Article 118-specifies the functions of the Government Banking Commission: 1. do specific tasks in chapter IV of this law all Ordinances and resolutions.

2. investigation of violations of the provisions of this law and the provisions of Ordinances and resolutions.

3. supervise and monitor banks as guided by the monetary and credit Council.

4. do all of the studies and organize all statistics on status of banks and banking activities in the country.

5. follow up on matters relating to banking risks and compile information on the credit risk of customers of banks periodically and inform them confidentially to the banks concerned.

6. taking into account the provisions of the code of Commerce joint banks not subject to the provisions of the law on the central body of control and inspection and central financial control device code but monitored by auditors appointed in accordance with the provisions of this law and by the Government Banking Commission and observers.

7. do all the investigation or audit or experience at the request of the monetary and credit Council and as directed in the following cases:-in case of serious prospects of monetary and credit Council holds the belief that auditors do not perform their task properly. B in case of serious prospects of monetary and credit Council holds the belief that bank management is not wise or that the liquidity of the Bank at risk. C in the event of failure of the Bank to give information imposed by law or obstruction of the work of observers and delegates of the Government Banking Commission. D-in the event of difficulties in the Bank or under a system of reconciliation or risk letting him postpone payment or potential insolvency. -When the internal observers reported violations of the law or comply with bank notes destined for public administration or to the members of the Board of Directors in accordance with the provisions of article/112/.

Article 119-are fighting the Government Banking Commission and accredited observers reports incorrect unless reversed.

Turning Eden: listed by monetary and credit Council to the Department of public prosecutions to conduct prosecutions when appropriate.

Article 120:1. in addition to the duties imposed by law are prohibited from working in the Government Banking Commission and observers to disclose any of the information you access them by virtue of their jobs.

2. all employees of the Government Banking Commission right in front of the monetary and credit Council puts its text.

3. it is prohibited to any employees of the Government Banking Commission accepts for himself or for any other reward or gift or privilege from banks or accepts the promise of such thing or that harnesses the information accessible by virtue of his work for his profile or other bye.

4. prohibits any Government Office workers have to be banks left his job to join bye in any of the banks operating within two years from the date of his separation from work at the Central Bank.


5. the rurales special compensation the Government Banking Commission determines by decree upon proposal of the Minister of economy and foreign trade.

Article 121-the Government Banking Commission expenses fall on the shoulders of banks and specifies the assets collected and distributed by the Minister of economy and foreign trade, at the suggestion of the monetary and credit Council.

  

Section IX 122 article filter: 1. in case of liquidation of a Bank during the seven days of the liquidation decision the Minister of economy and foreign trade, liquidation announcement shall be published in the Official Gazette and bulletin announcements in three mock daily newspapers for three days straight widespread plus communication placed under the book's content.

2. the Declaration must include a notice of not less than three months to allow the Bank's clients to take all measures and make other necessary instructions regarding this filter also must include filter-holder remaining deposits and processes with a final Bank offices close date if not given necessary instructions Bank dealers.

3. the Bank is entitled to request revocation of its license and monetary and credit Council decision which it deems appropriate on the request within 60 days from the date of submission.

4. If the filter result expunged from the record bank sinks due to violating regulations or laws, decrees and decisions governing the banking profession, Minister of economy and foreign trade, at the suggestion of the monetary and credit Council that determines the delisting decision closing date Bank and called the agency responsible for payment of outstanding operations.

5. the observers will continue to exercise their functions, preserving their rights and duties until the liquidation of the Bank's business.

6. the provisions of the Trade Act and its amendments and laws with no text in this section of the Act.

Section x transitional provisions concerning public sector banks article 123. all existing banks the effective date of this law under the provisions of section IV of effectiveness to request re-registration in the register of licensed banks with the Central Bank of Syria within three months from the date of entry into force of this law.

Article 124-giving existing institutions, the effective date of this Act and re registered pursuant to the provisions of article 123/him out two years from the date of the decision of the registry to reconcile their gradually with the provisions stipulated in this law.

Section XI administrative and criminal fines and penalties Article 125:1. without prior notice a fine of ten thousand pounds for each day of delay on each bank offers within the deadlines and conditions data, budgets and all documents listed in articles 105 and 106 of this law.

2. the fine imposed by the Government Banking Commission and get for the State Treasury in the event of non-payment being collected according to the law of collecting public funds.

Article 126-the penalties stipulated in the existing laws on every person who contravenes the provisions of this law.

Article 127-a fine ranging from fifty thousand SP and SP 500, 000 on each bank does not comply with the provisions of articles/100 and 105 and 106.

Article 128-anyone who contravenes the provisions of articles 102 and 103//with a fine of between one hundred thousand and five hundred thousand SP SP and imprisonment from six months to two years or a fine.

Article 129 shall be punished by imprisonment from eight days to three months and a fine of between one hundred thousand and five hundred thousand SP SP or a Board member and Director of the certified signature of Commissioner did not comply with the provisions of the respondent in article/99/or does not comply with the maximum rates established in accordance with the provisions of article/101/or contravention of article/97/of this law.

Article 130-penalties specified in the laws contravenes the provisions of articles 115 and 120//of this law.

Article 131-published judgements issued pursuant to section IV of this law in the Official Gazette and in two daily newspapers at least appointed by the Court at the expense of the defendant.

Article 132-banking and financial institutions is the respondent in this law civilly to pay fines, including judicial and other expenses imposed on members of the Board of Directors, directors and Commissioners to implement validators signature provisions of title IV of this law.

Article 133. applying the provisions of title IV of this law and implementing decrees and decisions adopted pursuant to the State and Ministers and members of the monetary and credit Council and the Central Bank of Syria and their representatives any financial responsibility bye as she was.

Title v transitional provisions article 134-integrates cash provided for in Legislative Decree No 87/in/1953/as amended by the Central Bank of Syria and devolve its assets, rights and obligations to the Bank.

Article 135-repealed Legislative Decree 159//in/1968/.

Article 136-repealed Legislative Decree No 87/in/1953/Central Bank of Syria is monetary and credit Council updated the provisions of this law are also sentence an average of all legislative texts and the provisions in force concerning legislative decree No 87/in/1953.

Article 137-in the application of the provisions of this law are all infringing legal provisions void.

Article 138-gives the Central Bank and all those involved in this law entered into force two years from the date of notice to reconcile their gradually with its provisions during this period continue to work regulations in force.

Article 139. this law shall be published and is effective from the date of issue.

Damascus in 3-1-1423, corresponding to 17-3-2002 m-President of the Republic on d