The private banking sector in Syria : between survival and opportunity

Abstract

This study analyses the evolution of the private banking sector in Syria and the challenges and obstacles it faces after a decade of conflict with an eye to understanding the role the sector could play in the country’s eventual economic recovery. The paper first examines the rebirth of the sector and its main characteristics in the 2000s. It then examines the key consequences of the war and international sanctions for private banks in Syria. The paper also looks at changes in ownership of the main private banks. Finally, it analyses the resumption of certain activities by some private banks during a window of relative economic stabilisation between 2017 and 2019, and their attempts to capture international funding for humanitarian assistance to Syrians inside the country.