The Central Bank of Syria has issued instructions obliging commercial banks to fully cover their losses arising from the financial collapse in Lebanon, and to submit “credible” restructuring plans within a period not exceeding six months.

According to a report published by Reuters on 21 October, the directive issued by the Central Bank on 21 September requires banks to recognize 100% of their financial exposure to the Lebanese banking system, where Syrian banks had deposited a large portion of their funds during the war years.

Central Bank Governor Abdul Qader Hasriyeh told Reuters that the government aims to double the number of commercial banks operating in Syria by 2030, and that some foreign banks have expressed interest in entering the Syrian market, without providing further details “due to the confidentiality of the process.”