The Syrian cabinet has endorsed a new banking law that will allow investors and businessmen to establish banks either as private joint stock companies or as partnerships between the government and the private sector, reported the Saudi Press Agency (SPA).
According to the law, approved by the cabinet on Saturday, Syrians would own at least 51 percent of the new banks, while the remaining shares could be held by foreigners, said the agency, adding that the five state-run banks would continue operating as usual.
Banks in Syria were nationalized when the ruling Arab Socialist Baath Party took power in 1968.
Since then, all banks have been owned, operated and managed by the government -- Albawaba.com
